First-time business founders in Luxembourg can receive an extra helping hand from the government for up to six months thanks to a new grant.
To benefit from the new aid scheme, companies must be active in trade and craft sectors, employ fewer than ten people, have held an establishment permit for six months or less and have projected annual sales or balance sheet totals of €2m or less.
Eligible companies will receive non-refundable grants paid in monthly instalments of up to €2k for six months. According to the government, which launched the scheme on Friday, the aid cannot exceed €12k for a single company, however, it can be combined with other aid schemes.
“Given that many newly-established businesses experience liquidity problems in the first few months of their activity, start-up aid supports them during this crucial phase, this aid scheme therefore enables us to stimulate entrepreneurship and strengthen the middle-class sector,” said SME minister Lex Delles.
The aid reportedly comes with guidance on how to establish and operate a business in Luxembourg.
Patrick Kersten, chair of the Luxembourg Startups Association, described it as a “useful initiative”. “First time founders without funds will find here the capital required to get started as a limited company (sàrl). Furthermore many founders do not come with a business background. The offered guidance is surely relevant here,” he told Silicon Luxembourg.
Further information and the relevant forms for applying for this grant can be found here.