Banque de Luxembourg has joined forces with the Luxembourg microcredit institution Microlux to supplement its array of products for micro-enterprises and, at the beginning of this year, to launch a new type of financing: interest-free loans.
These are zero-interest loans, with no guarantee and with deferred repayment for up to 24 months. This new loan supplements and supports the conventional loans offered by Microlux, promoting the social and economic inclusion of people who do not have access to traditional bank loans.
With an initial envelope of more than €100,000, mainly funded by Banque de Luxembourg, alongside Funds For Good and private donations, Microlux will be able to respond even more meaningfully to the needs of micro-entrepreneurs in Luxembourg and support them more effectively.
Alongside the operational activity of granting microcredits, Microlux is continuously working to further develop its financing solutions and support services for micro-entrepreneurs who do not have access to traditional bank loans.
We are delighted to work in partnership with Microlux, and alongside Funds for Good, to support these initiatives which will have a strong positive impact on the local economic and social fabric.Georges Heinrich, Secretary General and Head of CSR, Banque de Luxembourg
Georges Heinrich, Secretary General and Head of CSR, Banque de Luxembourg, explains his decision to support the new Microlux tool: “We do not currently offer dedicated support to micro-enterprises, whose operations need dedicated, innovative financing solutions. Yet, these companies have a significant impact on job creation and invigorating the economy. We are delighted to work in partnership with Microlux, and alongside Funds for Good, to support these initiatives which will have a strong positive impact on the local economic and social fabric.”
Beyond a financial partnership, Banque de Luxembourg will also host the Microlux Credit Committee, substantiating its support for economic development in Luxembourg and enhancing its expertise in dedicated finance for micro-entrepreneurs.
Nicolas Crochet, Co-Founder of Funds For Good, explains: “This is an exciting collaboration for us and dovetails perfectly with our ongoing support for business creation with leading microfinance institutions like Microlux, as well as with Banque de Luxembourg which has historically partnered our investment activity.”
And Sam Paulus, Microlux Senior Manager, adds: “We are delighted to welcome Banque de Luxembourg and Funds for Good on board the Microlux ship. These two substantial partners will enable us to generate even greater social impact and participate more actively in Luxembourg’s economic development.”
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