OCDE - Financing SMEs and Entrepreneurs 2026 - Suiza de 2026

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FINANCING SMES AND ENTREPRENEURS 2026: SWITZERLAND © OECD 2026

Key facts on SME financing Only 0.3% of all Swiss enterprises are large, and SMEs continue to dominate the en terprise landscape, constituting 99.7% of all firms. Switzerland recorded real GDP growth of 0.9% in 2024, compared with 1.2% in 2023. Total outs tanding SME loans rose by 1.8% in 2024, reaching CHF 562 billion, a slower pace than in 2023, when SME loans grew by 3.4%. Micro enterprises recorded growth of 3%, while small and medium-sized enterprises contracted by 0.8% and 0.5% respectively. Over the 2007-24 period, SME loans expanded by 74.1%, while overall corporate lending rose by 80.7%. Lending standards tightened only slightly in 2024, with robust loan demand by firms throughout the year, while demand for loans by households increased slightly. Since reaching its lowest point of 1.74% in 2021, the average interest rate charged to SMEs increased in 2022 (2.56%) and in 2023 (3.30%), but fell again in 2024 to 2.39%. Meanwhile the interest rate spread between large and small companies increased to 53 basis points (in 2024), having reached its lowest level since 2009 of 38 basis points in 2023. Venture and growth capital investments declined sharply by 48.8% in 2020 due to the COVID-19 pandemic. In 2021 and 2022, there was a recovery, with growth of 21.7% and 79.5% respectively. However, after declining by 23.9% in 2023, venture and growth capital investments experienced a further decrease of 16.6% in 2024. In online alternative finance, the number of crowdfunding platforms increased to 38 in 2024, compared to

declining by 23.9% in 2023, venture and growth capital investments experienced a further decrease of 16.6% in 2024. In online alternative finance, the number of crowdfunding platforms increased to 38 in 2024, compared to 36 in 2023. In 2024, however, only 23 platforms recorded funding campaigns. The largest vol ume share within the various crowdfunding categories continues to come from crowdlending (74%) followed by crowdinvesting (21%). The volume of crowd supporting/crowd donating declined by 7.2% in 2024 compared to the previous year. Payment delays in the business-to-business sector edged down from 13 days in 2023 to 11 days in 2024. They nonetheless remain above their level before the COVID-19 pandemic (8 da ys in 2019). Liquidity pressures stemming from the pandemic continue to weigh on businesses. In Switzerland, four guarantee cooperatives support SMEs in obtaining bank loans of up to CHF 1 million. Loan guarantee volumes increased steadily over the 2007-2010 period, declined sl ightly in 2011, and continued to grow from 2012 to 2021. The Parliament has amended the Federal Law on F inancial Aid for Loan Guarantee Organisations: since 1 July 2019, the law allows for guarantees up to CHF 1 million (previously, the ceiling was CHF 500’000). Since 2021, there has been a decrease in volume year on year, partly due to a certain amount of cannibalisation by special measures related to the pandemic. The Swiss Federal Council has adopted three measures in particular to support SME financing during and beyond the pandemic: bridging credits through a guarantee programme, credits through a guarantee programme specific for start-ups and a hardship support programme (mainly non-repayable contributions) Switzerland2 

FINANCING SMES AND ENTREPRENEURS 2026: SWITZERLAND © OECD 2026

for companies which were, due to the nature of their economic activities, partic ularly affected by the

Switzerland2 

FINANCING SMES AND ENTREPRENEURS 2026: SWITZERLAND © OECD 2026

for companies which were, due to the nature of their economic activities, partic ularly affected by the consequences of the COVID-19 crisis. These special COVID-19 guaranteed credit programmes require, in principle, full repayment of the credit within eight years. By the end of 2024, around 11% of Swiss companies still benefited from these credits. 3

FINANCING SMES AND ENTREPRENEURS 2026: SWITZERLAND © OECD 2026

Table 1. Scoreboard for Switzerland

Source: See Table 2

Indicator Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Debt Outstanding business loans, SMEs CHF billion 323.1 344.8 343.9 363.6 377.6 384.4 404.8 402.3 403.7 412.0 422.1 441.3 463.0 487.6 508.9 534.6 552.5 562.8 Outstanding business loans, total CHF billion 401.6 426.5 433.5 458.7 480.9 489.1 513.6 526.5 525.0 538.7 550.4 583.9 606.5 648.1 674.0 696.5 716.9 725.9 Share of SME outstanding loans % of total outstanding business loans 80.44 80.86 79.33 79.26 78.52 78.60 78.81 76.41 76.89 76.48 76.69 75.58 76.33 75.22 75.51 76.74 77.07 77.52

Government loan guarantees, SMEs CHF billion 0.10 0.15 0.19 0.22 0.21 0.22 0.23 0.24 0.24 0.25 0.26 0.26 0.29 15.44 12.29 9.94 7.94 6.53 Interest rate, SMEs %

2.21 2.11 2.08 2.01 1.99 2.05 2.07 2.04 2.08 1.96 1.83 1.76 1.74 2.56 3.30 2.39 Interest rate, large firms %

1.35 1.23 1.16 1.11 1.16 1.16 1.30 1.25 1.30 1.33 1.30 1.29 1.15 2.10 2.92 1.86 Interest rate spread Percentage points

0.86 0.88 0.92 0.90 0.83 0.89 0.78 0.79 0.79 0.63 0.53 0.47 0.59 0.46 0.38 0.53 Collateral, SMEs % of SMEs needing collateral to obtain bank lending

76.00 75.01 76.56 76.75 74.86 78.78 79.64 79.88 81.85 81.70 82.91 83.93 84.19 84.56 84.18 83.89 Utilisation rate SME loans used/ authorised 71.00 70.00 71.00 70.00 69.00 71.00 72.00 72.00 71.76 71.68 70.59 70.30 70.13 71.54 71.38 71.76 71.17 71.59 Non-bank finance

Non-bank finance Venture and growth capital EUR million 327 300 316 337 231 290 237 234 381 453 1 136 787 1 761 901 1 097 1 769 1 461 1 209 Venture and growth capital (growth rate) %, Year-on-year growth rate

-8.20 5.40 6.64 -31.68 25.86 -18.44 -1.31 63.25 18.94 150.57 -30.7 123.71 -48.8 21.67 79.48 -23.9 -16.6 Other indicators Payment delays, B2B Number of days 12 13 13 11 10 9 9 7 7 7 7 6 7 8 13 12 13 11 Bankruptcies, SMEs Number 4 314 4 221 5 215 6 255 6 661 6 841 6 495 5 867 6 098 6 684 6 710 6 878 6 009 4 893 5 127 6 799 7 335 8 659 Bankruptcies, SMEs (growth rate) %, Year-on-year growth rate

-2.16 23.55 19.94 6.49 2.70 -5.06 -9.67 3.94 9.61 0.39 2.50 -12.63 -18.57 4.78 32.61 7.88 18.054 

FINANCING SMES AND ENTREPRENEURS 2026: SWITZERLAND © OECD 2026

Macroeconomic and financing conditions According to the provisional results available, the real GDP grew by 0.9% in 2024 after the 1.2% increase registered in 2023. Domestic demand supported growth due to above-average growth in private consumption. In the wake of a significant decline in merchanting, foreign trade made a ne gative contribution to growth overall.

registered in 2023. Domestic demand supported growth due to above-average growth in private consumption. In the wake of a significant decline in merchanting, foreign trade made a ne gative contribution to growth overall. In the first quarter of 2025, Switzerland's real GDP grew by 0.8%, following 0.6% in the fou rth quarter of

2024. The services sector delivered broad-based growth. Domestic demand developed positivel y.

Meanwhile, the chemical and pharmaceutical industry expanded at an above-average rate. SMEs in the national economy SMEs, defined as firms with up to 250 employees, constituted 99.7% of Swiss enterprises in 2023, employing 66.1% of the labour force. Micro enterprises constituted 89.8% of all firms, employing 24.7% of the country’s workforce, while large enterprises only comprised 0.3% of total firms and employed 33.9% of the labour force. Table 2. Distribution of firms in Switzerland, 2023 By firm size Firm size Number % All firms 626 033 100

SMEs (1-249) 624 219 99.71

Micro (1-9) 561 952 89.76 Small (10-19) 52 476 8.38 Medium (50-249) 9 791 1.56 Large (250+) 1 814 0.29

Note: Data includes commercial companies in the primary, secondary and tertiary sectors.

Source: STATENT 2023, published in 2025.

SME lending Both total outstanding business loans and SME outstanding business loans continued to grow in 2024 on a year-on-year basis, by 1.3% and 1.8% respectively, compared to their 2.9% and 3.4% growth in 2023. This growth was driven entirely by micro-enterprises, which expanded by 3.0%. All other size classes

a year-on-year basis, by 1.3% and 1.8% respectively, compared to their 2.9% and 3.4% growth in 2023. This growth was driven entirely by micro-enterprises, which expanded by 3.0%. All other size classes contracted: small enterprises by 0.8%, medium-sized enterprises by 0.5% and large enterpr ises by 1.1%. These movements are small and likely reflect a stabilisation following the disruption caused by the COVID19 pandemic. Except for 2009 and 2014, SME loans grew each year between 2007 and 2024, achiev ing a total growth rate of 74.2%. SME loans generally expanded less rapidly than overall busines s loan growth, which grew by 80.7% during the same period. Consequently, the share of SME loans in total business loans contracted from 80.4% in 2007 to 77.5% in 2024. 5

FINANCING SMES AND ENTREPRENEURS 2026: SWITZERLAND © OECD 2026

Credit conditions The Swiss National Bank’s Lending Survey indicates robust loan demand by firms throughout 2024, while household loan demand picked up slightly. The Survey also shows that banks tightened credit conditions in 2024, more strong ly for firms than for households, while lending standards tightened only slightly over the year. After rising to 2.56% in 2022 and 3.30% in 2023, interest rates on loans under CHF 1 million fell to 2.39% in 2024. The interest rate for large firms also fell, from 2.92% in 2023 to 1.86% in 2024. The interest rate spread for loans to SMEs and loans to large firms, proxied by loans of less than CHF 1 million (SMEs loans) and greater than or equal to CHF 1 million (large firms lo ans), increased between

The interest rate spread for loans to SMEs and loans to large firms, proxied by loans of less than CHF 1 million (SMEs loans) and greater than or equal to CHF 1 million (large firms lo ans), increased between 2009 and 2011 to 92 basis points (bp), before declining to 83 bp in 2013. Over 2013-14, the interest rate spread increased again to 89 bp but has since then decreased almost every year, reaching 38 bp in 2023, the lowest spread registered over the reference period 2007-2024. In 2024, however, the intere st rate spread rose back to 53 bp, almost to its 2020 level. The Banking Statistics of the Swiss National Bank indicate that in 2024, the utilisation rate of credit lines was 71.6%. This indicator has remained very stable over the years, reaching its lo west point in 2011 with 69%, while the highest point was recorded in 2013 and 2014 with 72%. Since 2009, the percentage of SME loans requiring collateral has risen stea dily from 76% to 83.9% in

2024. From 2020 to 2024, the rate has remained at around 84%.

Alternative sources of SME financing Venture capital The Swiss venture and growth capital investment market has been volatile, with strong growth in recent years. After a moderate increase in 2016 (+18.9%), venture and growth capital investments rose again by 150.6% in 2017. The volume then decreased by 30.7% in 2018 before rebounding by 12 3.7% in 2019. In 2020, the COVID-19 pandemic prompted a contraction of 48.8%, taking the volume down to EUR 901 million. Following a moderate recovery in 2021 (+21.7%) and substantial growth of 79.5% in 2022, the volume of venture and growth capital invested in Swiss firms reached EUR 1 769 mill ion, the highest

million. Following a moderate recovery in 2021 (+21.7%) and substantial growth of 79.5% in 2022, the volume of venture and growth capital invested in Swiss firms reached EUR 1 769 mill ion, the highest annual amount in the reference period. In comparison to the previous years, 2023 and 2024 demonstrated a decline, with respective figures of EUR 1 461 million and EUR 1 208.8 mill ion, representing a decrease on yearto-year base of 23.9% and 16.6% respectively. However, it is noteworthy that both years maintained a volume that exceeded the average of EUR 1 100 million over the last decade. In 2024, while venture capital increased by 39.2%, growth capital declined sharply, falling by 73.7%. Until 2022, most of the venture capital invested was concentrated in start-ups. From 2023 onwards, the majority of VC investments have been directed to later stages. In 2024, more than half of VC invest ments are concentrated in later stages (50.6%), an increase of 39.9% year-on-year. Nevertheless, investments in Swiss start-ups continue to play an important role and account for 38.5% of VC investments in Swiss companies. In addition, seed investment capital increased by 95.92% in 2024. The Swiss crowdfunding market The Swiss crowdfunding market has been growing rapidly since the launch in 2008 of Cashare, Switzerland's first crowdfunding platform. As of the end of April 2025, there were 38 platforms operating in Switzerland.6 

FINANCING SMES AND ENTREPRENEURS 2026: SWITZERLAND © OECD 2026

In 2024, 4 071 crowdfunding campaigns in Switzerland raised CHF 550.2 million. T his figure remained stable compared to 2023, with a decrease of just 0.5%. Since the first crowdfunding platform's launch in 2008, crowdfunding in Switzerland has been used to raise CHF 4.3 billion in funds.

stable compared to 2023, with a decrease of just 0.5%. Since the first crowdfunding platform's launch in 2008, crowdfunding in Switzerland has been used to raise CHF 4.3 billion in funds. Crowdlending once again accounted for the largest share of the total crowdfunding volume in 2024, with a volume of CHF 406.1 million and an increase of 2.0 % over the previous year. Crowd investing followed in second place with a volume of CHF 117.1 million (-11.0%). The volume of crowd s upporting/crowd donating also declined compared to 2023, amounting to CHF 27.1 million (-7.2%) in 2024 Other indicators According to Intrum Justitia's annual report, business-to-business payment delays have steadily decreased over the decade 2008-18, falling from 12 days to 6 days. This is the lowest val ue recorded since 2007. The first increase was recorded in 2019, with the payment delay period rising t o 7 days and by the end of 2021, by 13 days which is the highest this indicator has been since 2007. In 2023, payment delay remained at 13 days (as in 2021), before falling back to 11 days in 2024. It is reasonable to assume that this increase is the result of the crisis triggered by the COVID-19 pandemic, which has crea ted liquidity problems for businesses in Switzerland and the rest of the world. In 2024, the number of bankruptcies reached a new record for the period 2007-2024, with 8 659 bankruptcies being declared,an increase of 18% compared to 2023. Compared to 2019, the yea r before the pandemic, there was a 44.1% increase in bankruptcies. The increase in r ecent years could partly be explained by the fact that the measures taken in 2020 to counter the economic effects of the pandemic did not prevent some vulnerable companies from going bankrupt in the medium term. Government policy response Government loans guarantee programme

explained by the fact that the measures taken in 2020 to counter the economic effects of the pandemic did not prevent some vulnerable companies from going bankrupt in the medium term. Government policy response Government loans guarantee programme The federal government assists efficient and viable SMEs in obtaining bank loans by funding loan guarantee cooperatives. These loan guarantee cooperatives enhance SMEs' access to ba nk loans. The maximum lifetime of a guarantee is 10 years, and the maximum guarantee amount per firm is CHF 1 million (CHF 500 000 before 1 st of July 2019). Interest rates are set by the banks’ lending funds and depend on the risk profile of the project. In addition to the interest rate, firms are required to pay a 1.25% commission fee to the guarantee cooperative. In Switzerland, four guarantee cooperatives help promising SMEs obtain bank loans. Three are regional and one is national and provides its services exclusively to women. Fin ancing is provided mainly for working capital, expansion, investments or starting a business. In the event of a defau lt, the government refunds 65% of the deficiency to the guarantee cooperatives. By the end of 2024, the numbe r of beneficiaries amounted to 1 668 firms for a total guarantee of CHF 292 million. The scheme costs around CHF 190 million in outstanding liabilities for the government and generated CHF 12.8 million in realised losses from defaults in 2024 as well as CHF 3.2 re-additions from previous losses, which corresponds to a 3.14% net loss ratio. The government also contributes with an additional CHF 3 million annually to mitigate the administrative costs of the guarantee cooperatives. Loan guarantee volumes increased steadily over the 2007-2010 period, declined sl ightly in 2011, and continued to grow from 2012 to 2021. Over the reference period (2007-2024), loan guar antee volumes increased by a factor of 3, largely due to a restructuring of the guarantee programmes, which increased

continued to grow from 2012 to 2021. Over the reference period (2007-2024), loan guar antee volumes increased by a factor of 3, largely due to a restructuring of the guarantee programmes, which increased the amount of risk covered by the government from 50% to 65%, in turn increasing demand for guarantees. 7

FINANCING SMES AND ENTREPRENEURS 2026: SWITZERLAND © OECD 2026

On 22 May 2019, the Federal Council brought into force an amendment to the Federal Law on Financial Aid for Guarantee Organisations allowing guarantees of up to CHF 1 million from 1 July 2019. The effects of this change were initially visible in the increase in the volume of the loan guarantees, which rose from CHF 285 million at the end of 2019 to CHF 315 million at the end of 2020 - an increase of 10.5%. In 2021, this figure even reached CHF 322 million. However, the volume has gradually declined since then, reaching CHF 292 million by 2024. This is probably partly due to cannibalisation by special measures related to the pandemic. Specific measures taken to facilitate SME financing during the pandemic crisis The main support measure of the Federal Government to ensure the liquidity of c ompanies during the COVID-19 crisis was the bridging credit scheme. Small and medium enterprises affected by the pandemic, in particular, were able to apply to their bank for a bridging credit of up to 10% of their annual turnover and no more than CHF 20 million (EUR 19.4 million), between 26 March and 31 July 2020. Basic credits of up to CHF 500 000 (EUR 485 000) were granted via a quick and very simple procedure. These loans were fully guaranteed by the federal government and carried an interest rate of 0%. Loans exceeding CHF 500 000 are guaranteed 85% by the federal government and the remaining 15% by the respective bank. These

fully guaranteed by the federal government and carried an interest rate of 0%. Loans exceeding CHF 500 000 are guaranteed 85% by the federal government and the remaining 15% by the respective bank. These loans had an interest rate of 0.5%. Overall, approximately 138 000 such loans had b een granted with a total volume of about CHF 17 billion (EUR 16.5 billion). This initiative has had a significant impact, with around 23% of all Swiss companies and, indirectly, approximately one third of the l abour force receiving support from this scheme. At the end of 2024, approximately CHF 6.2 billion of the CHF 17 billion in loans granted were still outstanding. Another related support measure due to the COVID-19 crisis were credits f or start-ups, which were guaranteed 65% by the federal government and 35% by the regional government. During the application period between 7 May and 31 August 2020, 359 such credits were granted with a total volume of about CHF 99 million (EUR 96 million). Furthermore, in November 2020, the so-called hardship support programme was installed to s upport companies which were, due to the nature of their economic activities, particularly affected by the consequences of the COVID-19 crisis. The regional authorities are responsible for des igning and implementing their hardship support programmes. Companies meeting the criteria to be con sidered a hardship case may apply for loans, guarantees, sureties or non-repayable contributions . The respective local authority could accept such applications until 31 March 2022. Up to the e nd of June 2023, nonrepayable contributions of around CHF 5.1 billion (EUR 5.2 billion) had been disbursed to about 35 226 companies and guarantees, sureties or loans of around CHF 220 million (EUR 226 million) had been granted to about 2 100 companies. Costs and losses of these regional support programmes are main ly covered by the Swiss Confederation. Fintech regulations and Blockchain / DLT

companies and guarantees, sureties or loans of around CHF 220 million (EUR 226 million) had been granted to about 2 100 companies. Costs and losses of these regional support programmes are main ly covered by the Swiss Confederation. Fintech regulations and Blockchain / DLT In terms of regulations, Switzerland does not have specific crowdfunding legislation and crowdfunding is generally governed by the main banking regulations. Nevertheless, Switzerland has al ready taken significant steps to remove unnecessary barriers to market entry and promote the fint ech and blockchain ecosystem. Recognising the importance of financial technology, the Federal Co uncil revised the Banking Ordinance in 2017 and introduced a new authorisation category in 2019 to simplify the requirements for companies accepting public funds. Since then, companies operating outside the c ore business of banks have been able to accept deposits from the general public of up to CHF 100 million on a professional basis, subject to simplified requirements. Additionally, the Federal Council recognises the great potential of sustainable finance for the Swiss financial centre. The combination of sustainable financial services and digital technology (green fintech) is8 

FINANCING SMES AND ENTREPRENEURS 2026: SWITZERLAND © OECD 2026

particularly promising. In November 2020, Switzerland established a Green Fintech Network and is actively exploring opportunities in this area, for example by proposing regulatory simplifications for Insurtech. Switzerland is one of the leading locations for distributed ledger technology (DLT) and blockchain with over 1 000 companies and innovation-friendly framework conditions. On 1 August 2021, the Federal Act on the Adaptation of Federal Law to Developments in Distributed Electronic Register Technolo gy and the associated blanket ordinance came into force. Switzerland was one of the first countries in the world to introduce statutory regulations for blockchain technology. This creates legal c ertainty and enables innovation and growth. Figure 1. Trends in SME and entrepreneurship finance in Switzerland

Source: See Table 2

0 100 200 300 400 500 600 700 800

A. SME and total business loans

introduce statutory regulations for blockchain technology. This creates legal c ertainty and enables innovation and growth. Figure 1. Trends in SME and entrepreneurship finance in Switzerland

Source: See Table 2

0 100 200 300 400 500 600 700 800

A. SME and total business loans Annual, in CHF billion Business loans, SMEs Business loans, total

0 50 100 150 200 250 300 350

C. Government loan guarantees Annual, in CHF million Government loan guarantees, SMEs

0 200 400 600 800 1000 1200 1400 1600 1800 2000

E. Venture capital Annual, in EUR million Venture capital

68% 68% 69% 69% 70% 70% 71% 71% 72% 72% 73% 0 100 200 300 400 500 600

B. SME business loans and utilisation Annual, in CHF billion (LHS) and percent (RHS) Business loans, SMEs Utilisation rate (RHS)

0 1000 2000 3000 4000 5000 6000 7000 8000 9000 10000

F. Bankruptcies Annual, number Bankruptcies, total

0 0.5 1 1.5 2 2.5 3 3.5

D. SME interest rate and interest rate spread Annual, as a percentage and in percentage points Interest rate spread SME interest rate 9

FINANCING SMES AND ENTREPRENEURS 2026: SWITZERLAND © OECD 2026

Table 3. Sources and definitions of Switzerland Scoreboard Indicator Definition Source Debt Outstanding business loans, SMEs Credit lines of all SMEs (firms with less than 250 employees, stocks). Swiss National Bank database; table selection: Banks, Credit volume, Corporate loans, broken down by company size. Total credit lines excl. total credit lines to companies with 250 or more

loans, SMEs Credit lines of all SMEs (firms with less than 250 employees, stocks). Swiss National Bank database; table selection: Banks, Credit volume, Corporate loans, broken down by company size. Total credit lines excl. total credit lines to companies with 250 or more employees [www.snb.ch] Outstanding business loans, total Credit lines of all enterprises (stocks). 2007 and 2008 figures include loans to public law institutions. Swiss National Bank database; table selection: Corporate loans, broken down by company size Government loan guarantees, SMEs Four guarantee cooperatives offer loan guarantees for SME of up to CHF 500 000. The federal government covers 65 % of their exposure and shares in the administration costs. In addition, four guarantee cooperatives offered loan guarantees for a bridging credit of up to 10% of the annual turnover during the pandemic (between 26 March and 31 July 2020) and no more than CHF 20 million (20 million Euro). The basic credits of up to CHF 500’000 (500’000 Euro) were granted within a quick and very simple procedure. These credits are fully guaranteed by the federal government and have an interest rate of zero per cent. Credits that exceed CHF 500’000 are guaranteed 85% by the federal government and 15% by the respective bank and have an interest rate of 0.5%. Overall, approximately 138’000 such credits had been granted with a total volume of about CHF 17 billion (17 billion Euro). Therefore, around 23% of all Swiss companies benefited from this programme. Administrative data from the guarantee cooperatives Nonperforming loans, total NPFL as % of total business loans World Bank, Bank nonperforming loans to total gross loans (%),

Therefore, around 23% of all Swiss companies benefited from this programme. Administrative data from the guarantee cooperatives Nonperforming loans, total NPFL as % of total business loans World Bank, Bank nonperforming loans to total gross loans (%), https://data.worldbank.org/indicator/FB.AST.NPER.ZS Interest rate, SMEs Interest rate for new loans at the end of the year for investment loans with fixed interest rates, amounts less than CHF 1 million. Swiss National Bank database; table selection: Interest rates on new loan agreements, by product and loan amount, mean value in December Interest rate, large firms Interest rate for new loans at the end of the year for investment loans with fixed interest rates, amounts more than CHF 1 million. Swiss National Bank database; table selection: Interest rates on new loan agreements, by product and loan amount, mean value in December Interest rate spread Spread between the interest rate at the end of the year for investment loans amounts less than CHF 1 million and equal to greater than CHF 1 million.

Swiss National Bank database: Interest rates of investment loans between CHF 50 000 and 1 million (average) minus interest rates of investment loans between CHF 1 and 15 million (average) in

December Collateral, SMEs Secured utilisation opposite SME customers in relation to total utilisation opposite SME customers. Swiss National Bank database; table selection: Banks, Corporate loans, broken down by company size; secured utilisation opposite customers (mortgages and secured loans) in relation to total utilisation of demands opposite customers for SMEs (up to 24910 

FINANCING SMES AND ENTREPRENEURS 2026: SWITZERLAND © OECD 2026

employees, public sector entities included), Utilisation rate SME loans used in relation to SME loans authorised

FINANCING SMES AND ENTREPRENEURS 2026: SWITZERLAND © OECD 2026

employees, public sector entities included), Utilisation rate SME loans used in relation to SME loans authorised Swiss National Bank database; table selection: Banks, Credit volume, Corporate loans, broken down by company size. Total credit lines and utilisation excl. total credit lines to companies with 250 or more employees [www.snb.ch] Non-bank finance Venture and growth capital Seed, Start-up, late and growth stage capital invested. Invest Europe (former EVCA Yearbook), European Private Equity Activity Data 2024, InvestmentMarket statistics by country Other indicators Payment delays, B2B B2B Payment delays Intrum, European Payment Index, European Payment Report Schweiz 2024 Bankruptcies, SMEs Number of bankruptcies Creditreform, Presseletter 6. May 2025: Corporate Insolvencies in Europe 2024

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FINANCING SMES AND ENTREPRENEURS 2026: SWITZERLAND © OECD 2026

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