microlux, Luxembourg’s first microfinance institution, has lowered its interest rates to help self-employed entrepreneurs hard-hit by the economic crisis resulting from the COVID-19 pandemic.

The self-employed who have no access to conventional bank credit are the first to be affected by the economic consequences of the coronavirus crisis, says microlux. Despite the various state aid measures, some people are resuming their activity in a worrying situation and, more than ever, need a helping hand to revive their businesses.

To help them, microlux is lowering its interest rates for an entire year starting 15 June 2020. Loans of a maximum amount of €25 000 will carry a 4% annual interest rate for any type of microcredit, whether for entrepreneurship or to find a job, with a deferred payment of up to six months. microlux is also strengthening its network of volunteers to continue to provide free support to entrepreneurs creating, developing or relaunching their professional activity.

Launched in June 2016, microlux is a joint venture of the EIF (European Investment Fund), BGL BNP Paribas, ADA (Association for Development Support) and ADIE (French Association for the Right to Economic Initiative). It has so far granted more than 100 microcredits leading to the creation of 110 jobs. The President of microlux is Rémy Jacob, a former Dean of the EIB Institute.