FIT softens refund conditions to support startups

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24.03.2020
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In order to help FIT supported startups currently impacted by the coronavirus outbreak, the Lausanne based Foundation has decided to temporarily soften refund conditions. In the meantime, the organization will continue to encourage entrepreneurship and support innovation by providing appropriate financial assistance to eligible ventures.

Due to the negative impact of the current coronavirus epidemic on the economy, The FIT Foundation has decided to provide support measures to all start-ups receiving a FIT Tech or Digital loan (seed and growth) by proposing a temporary relaxation of the reimbursement conditions.

In agreement with the FIT Foundation Council, the organization suggests that its entrepreneurs postpone the reimbursement plans, interest and reimbursements of personal guarantees due for the months of March, April and May 2020 by one quarter. Note that this discrepancy also includes the due amounts not paid within the stipulated deadlines. Refunds will normally resume in June 2020. 

Since its creation in 1994, the FIT has provided a financial support of more than CHF 39 million. About 400 projects have been submitted to the FIT, which has granted 228 loans to 191 innovative companies. Including the 7 companies that have been incorporated after a FIT Grant and that are still active, 146 companies are still in activity in Switzerland, which represents a survival rate of 73%. Many of these startup’s projects have become strong job-creative companies.

(Press release - ES)

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