SMEs have the backing of the financial centre
Small and medium-sized enterprises (SMEs) create value, jobs and stability – with the support of banks that provide reliable financing and take responsibility.
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SMEs are the bedrock of the Swiss economy, boasting innovative power, strong regional roots and entrepreneurial resilience. They make up over 99% of all the companies in Switzerland and employ around two thirds of all private-sector workers. They also play a vital economic role in the canton of Zurich, which is home to almost 110,000 SMEs. The jobs they create make a substantial contribution to stability and prosperity.
This is precisely why it’s so important for SMEs to be able to rely on a financial centre that functions as it should – even during times of upheaval. We’ve all seen how the digital transformation and new regulations have fundamentally changed the financial centre in recent years. The demise of Credit Suisse, a leading bank for corporate customers, has also resulted in a realignment of market forces. Many companies have asked themselves whether the supply of credit might come under pressure. The Swiss National Bank’s analysis provides a clear answer: there’s no sign of a credit crunch in Switzerland, and enough liquidity is available on the market for SMEs to enjoy continued access to loans and financial services. This view is further backed up by our SME ZH Monitor (in German) , which shows that many Zurich-based SMEs don’t count financing and fundraising among their most urgent problems.
The cantonal banks’ special role
These days, the cantonal banks are especially important financing partners for SMEs. They accounted for just over 48% of SME loans at the end of 2024. Against a backdrop fraught with uncertainty, companies are looking for partnerships that offer stability, personal and regional proximity and long-term responsibility.
A bank is only be reliable if it can be depended on even in difficult periods, maintaining clear policies, assessing risks responsibly and remaining prepared to support healthy companies when they face challenges. Zürcher Kantonalbank rigorously checks creditworthiness and affordability, but we also live up to our statutory remit by granting smaller loans even though we don’t always break even on them. In fact, we gave out more than 3,100 micro-loans in 2025 alone. This sends out an important signal to smaller companies in particular: if your business is on a sound footing, you’ll be able to access funding.
No credit crunch – a market that works well
The absence of a credit crunch is also evident in companies’ day-to-day financing operations. Overdraft facilities are a cornerstone of short-term liquidity provision, while mortgages are essential for long-term financing. SMEs’ own assessments suggest that they view the supply of liquidity as sufficient. That said, interest rates have risen in parts of the credit market, although this is due to higher refinancing costs and changing regulations rather than a general expansion of banks’ margins. Here, too, the market is functioning well, although things have become more challenging.
It’s thus all the more important for banks to exercise care and proportionality. Our resilient SMEs, the backbone of the economy, benefit from reliable partnerships that provide support even in difficult times. Zürcher Kantonalbank plays its part here through expertise, close ties to the real economy and the belief that a good banking relationship proves its worth at every moment.