The European Investment Fund (EIF) and microlux, a microfinance institution, have signed the first agreement to support microbusinesses in Luxembourg under the EU Programme for Employment and Social Innovation (EaSI). This agreement was made possible by the support of the European Fund for Strategic Investments (EFSI). The EFSI is the central pillar of the Investment Plan for Europe, the so-called "Juncker Plan".
Thanks to the financial backing of the European Commission, EIF is providing a guarantee that will enable microlux to provide EUR 5 million in loans to around 400 microbusinesses in Luxembourg over the next three years.
Microlux, the first non-bank microfinance institution in Luxembourg, provides small loans to borrowers who often experience difficulties accessing finance, including vulnerable communities such as refugees and other financially-excluded individuals.
Read the full press release.
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