On Thursday 31 March 2016, ADA (Appui au Développement Autonome), ADIE (Association pour le Droit à l’Initiative Économique) and BGL BNP Paribas, in the presence of the EIF (European Investment Fund), officially incorporated microlux, the first microfinance institution for Luxembourg and the Greater Region. With this initiative the four partners, all specialised in microfinance and social entrepreneurship, are seeking to support and enable the formation and development of businesses by individual clients or social enterprises lacking access to regular bank credit.
Microlux, an innovative project serving micro-entrepreneurs and social entrepreneurs
In addition to financing these business activities through microloans, microlux aims to provide tailored support to social enterprises, thus breaking new ground compared with microfinance institutions in other European countries.
A range of financial and support services adapted to the needs of entrepreneurs
Microlux will offer an extensive range of services to best meet the needs of its clients. It will provide coaching, supervision and training through a team of trained volunteers in microfinance and coaching. It will also provide three types of microcredits: a microloan of up to EUR 15,000, a “micro+” loan of up to EUR 20,000 for businesses already in operation, and a social entrepreneurship loan of a maximum EUR 25,000.
An organisation meeting microfinance needs in Luxembourg and ultimately in the Greater Region
Microlux, which will begin operations in June 2016, has recruited two project managers, under the supervision of a Board of Directors comprising representatives from the four partners.
Microlux’s business has been authorised by the Luxembourg financial regulator, CSSF, and by the Ministry of the Economy. The institution will be headquartered at the House of Microfinance, at 39 Rue Glesener in Luxembourg City.