Frequently Ask Questions

• 1. What is a microenterprise?
• 2. Why is microlux different from a "traditional" bank?
• 3. Why are the interest rates of microlux higher?
• 4. Do I need a guarantee in order to obtain a microcredit?
• 5. Who can apply for a microcredit?
• 6. How can I apply for a microcedit?
• 7. What documents do I need for a first meeting?
• 8. How can I repay my loan?
• 9. What shall I do if I have difficulties to repay my loan?
• 10. May I ask for a second loan?
• 11. How can I make a complaint?

A microenterprise is a very small business employing up to 10 people and having a turnover or an annual balance sheet less than 2 million EUR. It is not a legal form of a business, because a microenterprise can be an individual enterprise or a business corporation. The term of  a "microentreprise" simply indicates the size of your business.

Microlux is not a bank, because we are a social business and our aim is to fight against financial exclusion and to promote the right of economic initiative. We support your professional project and finance your project with microcredits. Thanks to our network of volunteers, you may benefit from a personalized and free coaching. Furthermore, unlike a bank, microlux is a non-profit organization, that means we are not looking to maximize our profits, but we aim to cover our operational costs in order to be sustainable and to provide you with high-quality services.

Small loans are more expensive to manage than bigger loans because they take longer to be treated. However, microcredits granted by microlux are short-term loans and monthly installments are of small amounts. Furthermore microlux will provide a free coaching support to all entrepreneurs to help them with their businessplan and/or with specific topics like marketing, accounting or strategie. Finally microlux is a non-profit social business. Nevertheless, in order to be sustainable and to offer you high-quality services, microlux aims to achieve financial balance and applies an interest rate in order to cover the operational costs.

In order to obtain a microcredit, a personal guarantee is required. The guarantee amounts to 33% of the loan granted.

Everyone who has a business project and who needs money to start or to develop an activity, but has no access to any bank credit, in particular people from disadvantaged backgrounds who have a professional project such as:

• Unemployed people;
• Recipients of the minimum guaranteed income;
• Young entrepreneurs without financial guarantees;
• Migrants;
• Micro or social entrepreneurs who are not able to meet the requirements of a bank in order to obtain a credit;
• Etc.
  
  

Contact us to set up a meeting with our advisor for the purpose of presenting a professional project. Thereafter, you may benefit from a personalized coaching to finalize your project. When your application is completed, your advisor is going to present your application to the Credit Committee, who is going to evaluate the application and who is going to take the final decision. For more information, check our page "Microcredits".

For a first meeting, you may need, as much as possible, the following documents:

• Identity card;
• Your salary sheets and the last balance-sheet of your business activity if your business is already in operation;
• Your personal and professional bank statements showing the account-movements during the last three months;
• Statutes of your business;
• All the documents that would be useful for your professional project.
  
  

Repayment of the loan will be made by monthly deductions from your bank account for a period that has been agreed during a meeting with your advisor. It is also possible to repay your loan in advance without any additional interests and fees.

If you have any difficulties to repay your loan, contact your advisor who is going to suggest you a solution and guide you through the process.

Yes, it is possible to ask for a second microcredit. Contact your advisor for further information.

If you have a complaint please contact your loan officer first to see if you can find a solution with him/her.

You also have the possibility to send an email to reclamation@microlux.lu specifying the subject of your complaint. A mediator will review it and provide you with a response within a maximum of 15 working days.