The Parliament of Luxembourg unanimously approved the draft law on the extension and reform of the package of measures to support small and medium-sized enterprises (SMEs).

The new aid scheme, approved on Thursday 5 July 2018, provides additional possibilities for the Ministry of the Economy to support SMEs in order to encourage the creation, development or reorientation of craft, commercial, industrial, tourist or service-providing enterprises with an influence on the economic development of the country.

The aid measures currently existing and adapted by the bill in question are as follows: investment aid for SMEs; aid for consulting services for SMEs; support for the participation of SMEs in fairs.

Moreover, four new measures have been added: aid covering the costs of cooperation borne by SMEs participating in European territorial cooperation projects; aid for young companies; aid to remedy the damage caused by certain natural disasters; aid for financing risks.

Secretary of State for the Economy Francine Closener welcomed the vote by the Chamber of Deputies of the draft law, stating that: “In Luxembourg, SMEs play a leading role in job creation and economic development, with these new financial support measures we can further support investment and the continued development of SMEs.”