COVID-19 Bank loans for Startups

You have probably heard, that as of tomorrow SME in Switzerland can apply at their bank for bridging loans to survive the current Corona crisis. Companies can get loans up to CHF 20 million - up to CHF 500’000 with a 100% and above CHF 500’000 with an 85% guarantee by the Swiss Confederation: https://covid19.easygov.swiss

The specific amount you can apply for is 10% of your turnover. And here is the problem: The majority of the Swiss startups have no relevant turnover yet or in case of research intense life science startups strictly none.

We think that we should definitely intervene at the Federal Council to fight for the Swiss startups. They have to be included in the COVID-19 rescue package!

To support you in these difficult times, we are constantly adding relevant resources on www.venturelab.ch/coronavirus.

We look forward to meeting you all in person again soon this summer. Therefore make sure to stay safe and healthy! And we wish you all the best in mastering this entrepreneurial challenge.

Beat Schillig, Jordi Montserrat, Stefan Steiner, Philip Hassler, Phillipp Winteler
& the entire Venture Kick and Venturelab-Team

SURVEY - Please fill out by THURSDAY 12.00

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* 1. Name of your startup

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* 2. Firstname

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* 3. Lastname

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* 4. E-mail

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* 5. Incorporation year

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* 6. Number of full-time-equivalent employees (FTE)

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* 7. How strongly is your startup affected by the corona crisis?

Not at all – our business even benefits from the situation.

Low – we can handle the symptoms and have enough financial runway.

Medium – we do severe cost-cutting but are confident to master the crisis.

Existential – without getting additional liquidity in the next months we will be in trouble.

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* 8. Does the offered bridge loan based on 10% of your turnover help your startup through the crisis?

We don’t need nor want to apply for that loan.

NO – we need much more cash.

OK – this amount is significant for us and definitely would help out.

YES – this loan should help us to master the crisis.

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* 9. Idea: small adaptation to include startups.
Venturelab proposes a new calculation base to support startups. Instead of 10% of the turnover, startups (incorporated in 2009 or later) should be able to get 10% of the combined turnover and amounts invested in the company.

Calculate your total of money raised since incorporation by summing-up the following amounts:
- Prize money / Startup Awards
- Loans (FIT, Volkswirtschaftsstiftung, Venture Kick, etc.)
- Grants (University Startup Grants, Innosuisse, European Union, Foundations, etc.)
- Equity and convertible loans

What is your total amount of money raised in CHF since 2009?

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* 10. Calculate the maximum loan that you could apply for.
Sum-up your turnover of 2019 and the total of money raised (see above) and divide this sum by 10. How much is it in CHF?

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* 11. Would such a bridge loan based on this new calculation base help your startup through the crisis?

We don’t need nor want to apply for that loan.

NO – we need much more cash.

OK – this amount is significant for us and definitely would help out.

YES – this loan should help us to master the crisis.

Comment

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* 12. Do you think such a proposal should be presented to the Federal Council?

No – this does not really help. We need a better solution.

YES – please move forward.

Comment

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* 13. Please let us know what else we could do for you during the crisis?

Weekly webinars for startups with updates on support and resources for startups to master the crisis.

ZOOM meetups to exchange on specific challenges with other startup entrepreneurs.

Offer a matching service with investors, that are still active and want to invest in startups despite the current crisis.

Other ideas / comments

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* 14. Do you plan to raise a financing round for your startup?

YES – within the next 6 months

YES – within the next 12 months

YES – within the next 24 months

COVID-19 Bank loans for Startups

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* 1. Name of your startup

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* 2. Firstname

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* 3. Lastname

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* 4. E-mail

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* 5. Incorporation year

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* 6. Number of full-time-equivalent employees (FTE)

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* 7. How strongly is your startup affected by the corona crisis?

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* 8. Does the offered bridge loan based on 10% of your turnover help your startup through the crisis?

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* 10. Calculate the maximum loan that you could apply for.Sum-up your turnover of 2019 and the total of money raised (see above) and divide this sum by 10. How much is it in CHF?

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* 11. Would such a bridge loan based on this new calculation base help your startup through the crisis?

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* 12. Do you think such a proposal should be presented to the Federal Council?

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* 13. Please let us know what else we could do for you during the crisis?

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* 14. Do you plan to raise a financing round for your startup?

* 10. Calculate the maximum loan that you could apply for.
Sum-up your turnover of 2019 and the total of money raised (see above) and divide this sum by 10. How much is it in CHF?