Economy & Politics

Already 170 million loans guaranteed by the State

Since last April, banks lending to companies in this uncertain period can receive the insurance of the guarantee of the State. 300 companies have already benefited from it.

Patrick JACQUEMOT

Patrick JACQUEMOT

Since last April, banks lending to companies in this uncertain period can receive the insurance of the guarantee of the State. 300 companies have already benefited from it.

We take the same ones (the seven main banks of the Place), and we start over. Thus, as they had already decided in April, the Luxembourg Ministry of Finance and the banks BCEE, BIL, BGL BNP Paribas, Banque de Luxembourg, Raiffeisen, ING, Bank of China and Banque BCP have chosen to extend the loan formula. guaranteed by the State and this until June 30, 2021.


4.3. Wi / PK Fedil nach GV / Rene Winkin Foto: Guy Jallay

For the President of the Fedil, the pandemic has ultimately only accelerated restructuring. But if for René Winkin, the hospitality industry and the retail trade will be hit hard, the industry should not escape the phenomenon either. Explanations.


It is true that this support of public funds in the event of default by the borrowing company reassures banking establishments which may be reluctant to advance funds to company heads. “Under this regime, the State guarantees bank loans granted to companies to the tune of 2.5 billion euros,” recalls Pierre Gramegna (DP), Minister of Finance.

In fact, companies established in the Grand Duchy can ask their bank to take out a loan that could amount to up to 25% of their 2019 turnover and benefit from a State guarantee. up to 85%.

Momentum for recovery

The measure is accessible to large companies, SMEs and the self-employed, including start-ups. And in eight months, the partner banks granted for 170 million guaranteed loans for the benefit of more than 300 companies. Knowing that at the same time, the participating banks also granted covid-19 loans, without state guarantee, to the tune of almost 260 million euros. Two signs that on the side of the Place we intend to encourage the recovery of the Luxembourg economy.

For Pierre Gramegna, it is also good to remember that, since the start of the crisis, “the moratoriums granted by the banks have also given companies a breath of fresh air. As the moratoriums expire on December 31, 2020, the extension of the loan regime will ensure a smooth transition and help mobilize the investments essential to build the future “.


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