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3/26/2020

BIL supports government measures to help Luxembourgish businesses through the crisis

Since its foundation in 1856, Banque Internationale à Luxembourg (BIL) has played an active role in the main stages of Luxembourg’s economic development. Now that the country is facing an unprecedented challenge, the bank intends to fulfil this role more than ever before, joining forces with the government to support the Grand Duchy’s businesses and self-employed workers.

BIL will give its full support to the country’s economy at this difficult time. With the measures announced by the government, we will be making an unprecedented effort to help businesses at risk of financial difficulty as a result of the coronavirus crisis. The aim is to enable them to get their business growing again on healthy economic foundations when the crisis ends”, said Marcel Leyers, Chairman of BIL’s Executive Committee.

In an agreement with the government, BIL and Luxembourg’s other main banks will grant small and medium-sized enterprises and self-employed workers a six-month moratorium on existing loans. New credit facilities will be 85% guaranteed by the State.

The coronavirus health crisis is hitting the country’s businesses hard. Mandatory closures and supply problems are causing sales to fall, yet certain operating costs and financial obligations remain. Our employees are all busy implementing the announced measures and helping otherwise healthy businesses to overcome the crisis”, said Jeffrey Dentzer, Head of Corporate and Institutional Banking at BIL.

See the business support measures offered by BIL on www.bil.com/wecare