Loan products: which one fits which need
Term loan: fixed amount, fixed repayment schedule over 2–10 years. Use for capital expenditure — equipment, vehicles, fit-out, acquisitions. Predictable monthly payment, lowest rate of the product range. Asset can secure the loan, lowering rate by 0.5–1.5%.
Line of credit / overdraft (Kontokorrentkredit): variable balance up to an agreed limit, interest only on drawn amount. Use for working capital — managing seasonal swings, paying suppliers ahead of customer receipts. Higher rate (typically 4.5–8% in Switzerland in 2026), but you only pay when you use it. Annual review by the bank.
What rates look like in 2026
Swiss baseline (SARON ≈ 0.4% in early 2026): term loans for established companies at SARON + 3–5%, so 3.5–5.5%. Risk premium for shorter operating history (<3 years) or thin margins adds 1.5–3%. Unsecured rates 6–9%. Cantonal banks (Kantonalbanken) and Raiffeisen typically 30–80 basis points cheaper than UBS/Credit Suisse-successor pricing.
EU baseline (ECB deposit rate ≈ 2.5% in early 2026, slowly easing): term loans at ECB + 2.5–5%, so 5.0–7.5% nominal. Guarantee schemes (EIF COSME, French BPI, Italian MCC, Spanish ICO) effectively cut the rate by 1.5–3% by absorbing 50–80% of default risk — always ask whether your loan can be structured through one of these programs.
Getting approved: the underwriting reality
Bank credit committees look at three core ratios. DSCR (debt service coverage ratio) = EBITDA ÷ annual debt service. Banks want ≥ 1.25, ideally 1.5. Debt-to-EBITDA = total debt ÷ EBITDA. ≤ 3.0x for unsecured, up to 4.5x for asset-secured. Equity ratio = equity ÷ total assets. ≥ 25% for unsecured, ≥ 15% for secured.
Beyond the numbers: 2 years of accounts (audited for amounts above CHF 500k/EUR 250k, fiduciary-prepared below), latest interim P&L and balance sheet, debtors/creditors aging, cashflow forecast for the loan term, personal background check on the controlling shareholder. For loans above CHF 500k, expect a face-to-face meeting and a site visit.
Model your loan payments
Compare term, rate and amount scenarios with the EuroCalc business loan calculator — see monthly payment, total interest and DSCR impact instantly.
Open the calculator →Frequently asked questions
Will I need to give a personal guarantee?+
For loans to GmbH/AG with less than ~3 years history or thin equity, almost always. Established profitable companies with 25%+ equity ratio can often avoid personal guarantees on amounts below CHF 250k/EUR 250k.
How long does approval take?+
Swiss banks: 2–6 weeks for term loans up to CHF 250k; 6–12 weeks for larger or complex deals. EU banks similar. Alternative lenders: 5–15 days. Have your last 2 years' financials and a clean cashflow forecast ready to compress timing.
Should I prefer a fixed or floating rate?+
In 2026, with rates expected to drift down from cycle peaks, floating (SARON or Euribor linked) is often the better mathematical bet for terms under 5 years. Lock to fixed only if the floating-vs-fixed spread is under 50 basis points or you have low risk tolerance.
What's the cheapest source of capital I might be ignoring?+
Supplier financing (extended payment terms, often free) and customer prepayments. Both improve working capital with zero interest. Negotiate before assuming you need bank debt.
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