Microlux, Luxembourg's first microfinance institution, has announced that it is stepping up its support for micro-entrepreneurs.
Since the start of the COVID-19 crisis, microlux, as part of its mission of social and economic inclusion, has shown solidarity with micro-entrepreneurs. Various aid measures have been put in place such as moratoriums on microloans, individual monitoring and a reduction in the interest rate.
The shareholders of microlux, particularly BGL BNP Paribas, the Foyer insurance group and the NGO ADA, have decided to strengthen their financial capacities to the tune of €233,000. The General Directorate for Small and Medium-Sized Enterprises of the Ministry of the Economy and the Chamber of Commerce have also joined these efforts by increasing their annual subsidy. These major players are thus renewing their support for small entrepreneurs in Luxembourg who have been fighting for their survival for several months.
Beyond the financial aspect, this renewed support confirms the confidence that these major players have in microlux. Samuel Paulus, Senior Manager, commented: “It’s reassuring to know that our major financial partners continue to support us, especially in these difficult times. They 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".
Microlux has called for continued support for its entrepreneurs and local merchants in general.