Luxembourg parliament votes on SME support packages

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.”