Local entrepreneur Cynthia who recently opened a message studio called Serenity Bali in Luxembourg-Merl; Credit: Tania Alamilla for Microlux

On Monday 17 April 2023, Luxembourg microfinance institution Microlux published its annual report for 2022.

In 2022, Microlux granted a total of 43 microcredits and seventeen honorary loans (granted in addition to a traditional microcredit to financially vulnerable entrepreneurs) for a total of €609,900 in disbursements. This was in the context of new challenges for entrepreneurs, namely rising inflation and energy prices.

At the same time, Microlux strengthened its support activity, which now revolves around five axes to better meet the various needs of entrepreneurs: individual coaching provided by a team of volunteers; continuing education (eleven sessions for 100 participants in 2022); e-learning videos on business creation; project diagnosis; the promotion of entrepreneurs through various communication actions such as a new market for local entrepreneurs (first held in 2022).

Moreover, the European Investment Fund (EIF)  granted Microlux a five-year guarantee contract, under the InvestEU programme, last year, to cover part of the risk of its microloan portfolio.

In its six years of activity, Microlux has supported 200 entrepreneurs (with 224 microcredits) and contributed to the creation of 280 jobs in Luxembourg. Sam Paulus, Senior Manager of Microlux, confirmed that he was "very proud of these encouraging results".