Management at the Rice House restaurant, which opened in the Gare area in spring, is one of those which received financial support from Microlux
BGL BNP Paribas, Foyer and Ada, Microlux shareholders, have stepped up their financial support to the Luxembourg microcredit organisation in light of the health crisis.
Considering these times haven’t been easy for SMEs or even large companies, they are certainly even less so for microentrepreneurs who can very quickly find themselves weakened.
Given this risk, Microlux--Luxembourg's leading microcredit institution--has also granted facilities to small businesses which it has put in place through a loan policy intended for entrepreneurs excluded from traditional financing routes.
130 microloans since 2016
The non-profit social organisation has implemented various support measures, including moratoriums on microloans, individual follow-ups and lower interest rates.
To help the organisation support its mission, on Thursday its own shareholders announed they are offering new support. BGL BNP Paribas, insurance group Foyer and the NGO Ada (support for autonomous development) decided to strengthen its financial capacities to up to €233,000.
In the same vein, the directorate of middle classes and the economy ministry and Chamber of Commerce have joined the shareholders’ efforts by increasing their annual subsidy.
Its shareholders "encourage us to step up our action in favour of people who do not have access to traditional bank credit, but who, through their determination and entrepreneurial skills, contribute with enthusiasm and perseverance to the dynamism of the Luxembourg economy,” Samuel Paulus, senior manager, stated in a Microlux press release.
Since its creation in 2016, the microfinance institution has granted nearly 130 microloans, enabling the creation of 85 businesses and 130 jobs.
This article was originally published in French on Paperjam.lu and has been edited and translated for Delano.