Fig. 1

Firms in Switzerland and financing sources. Sources: FSO (BUR) and SECO. The graph on the left uses our set of firms, discussed in Section 4. The graph on the right uses data from a study commissioned by SECO and conducted by the Lucerne University of Applied Sciences and Arts in the fall of 2016. The survey covers 1922 SMEs in Switzerland (with less than 250 employees) and assesses their financing forms, sources and conditions. “Bank debt” typically consists of mortgages and credit lines, whereas “Other debt” contains, for example, bonds and trade credit