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On 25 March 2020, as part of the economic stabilisation programme, the Luxembourg government announced 21 measures designed to support the economy and businesses in response to the COVID-19 crisis, the economic impacts of which are still unclear.
Banque de Luxembourg is one of six banks in Luxembourg working to support businesses to enable them to benefit from the exceptional measures that have been proposed.
“The health crisis is having direct repercussions on business activity. Businesses are suffering from the cumulative effects of a drop in activity and consumption, and in some cases the closure of their establishments, while still having to pay maintenance costs. Family businesses and SMEs, which the Bank has worked in partnership with since its origins, are particularly affected. From the outset of the crisis, we have galvanised our teams to take measures to support and work with entrepreneurs, to enable them to keep going and survive this unprecedented health crisis period,” says Philippe Depoorter, Head of Services for Businesses & Entrepreneurs.
Family businesses and SMEs, which the Bank has worked in partnership with since its origins, are particularly affected.Philippe Depoorter, Head of Services for Businesses & Entrepreneurs
In practical terms, we are able to propose appropriate measures for each point in the stability programme that involves a bank. "In this respect, we will offer our clients a moratorium of up to six months (capital and interest) on their existing loans as well as overdraft facilities to enable them to cope with the situation in the short term. We will also help them select the most appropriate solutions for their business, from among the 21 possibilities offered by the stability programme,” explains Philippe Depoorter. To best meet the needs of businesses, Banque de Luxembourg has put in place an emergency procedure and undertakes to respond within 48 hours.
The current situation demands a quick response, but above all it requires a real understanding of the local community and the issues that business owners face on a daily basis. "It is because we have been working with them since our origins that we understand the close interweave between the life of the family and that of the business. Supporting these businesses and their families today means contributing to the sustainability of Luxembourg’s entrepreneurial fabric of tomorrow,” concludes Philippe Depoorter.
Supporting these businesses and their families today means contributing to the sustainability of Luxembourg’s entrepreneurial fabric of tomorrow.Philippe Depoorter, Head of Services for Businesses & Entrepreneurs
To find out more about our services for Businesses & Entrepreneurs or to assess your financial situation and identify your needs, contact us. We will help you weigh up the different options proposed to select the most appropriate solution and work with you to implement it.