Swiss Post’s PostFinance launch new SME loans
“Good news for small and medium-sized enterprises (SMEs) in Switzerland,” says Swiss Post, as PostFinance launch new SME loans as a part of its cooperation with Valiant. It starts with the current account credit line, the fixed advance and the loan. Other products will follow by mid-2010. The first joint PostFinance and Valiant team is already working together on processing loans.
PostFinance and Valiant announced their new alliance in the credit business on
1 September. Two months later, the first loans for small and medium-sized enterprises (SMEs) are now being extended under this partnership.
The financial arm of Swiss Post is thus meeting the main borrowing needs of small and medium-sized companies. The current account credit line and fixed advance are classic corporate loans, while the loan is used for the long-term financing of investments.
Alternative for Swiss SMEs
PostFinance maintains business relationships with 150,000 Swiss SMEs. Thanks to the cooperation with Valiant, it can now offer the main types of loans on attractive terms. PostFinance is waiving the SMEs’ loan commission of 0.25% of the average limits used per quarter until 31 December 2010. Furthermore, loan limits up to CHF 100,000 will have a standard interest rate. PostFinance will handle the marketing for the new SME loans and sell them in the market.
Joint loan processing launched
The establishment of a joint loan processing centre for PostFinance and Valiant, already announced at an earlier date, is on track. The first team of employees from both financial institutions is already working together. The credit specialists in this team assess and process the new loans granted by PostFinance. In April 2010, the processing centre of both financial institutions, with its head office in Berne, will commence operations.
More products to follow
By mid-2010, PostFinance will launch more products. For the time being, the plan is to offer SME commercial mortgages as well as variable mortgages and construction loans for private customers. Additional products will follow – depending on customer requirements.
