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SPECIFIC BANK GUARANTEE SET UP BY THE CHAMBER OF COMMERCE - PRACTICAL INFORMATION AND TESTIMONIALS

24 hours after the entry into force of the specific bank guarantee set up by the Chamber of Commerce via its Mutualité de Cautionnement, several companies have already benefited from it.

Indeed, to help businesses to face financial difficulties and to overcome these challenging times, the Chamber of Commerce, through its Mutualité de Cautionnement, has set up a specific guarantee covering 50% of the credit requested, up to a maximum amount of EUR 250,000 per guarantee. The company must first place a request with its bank. The Mutualité de Cautionnement then analyses the files received by the bank within 24 hours of receipt of the request, in order to guarantee the rapid release of the credit.

Any business in commerce and the hospitality and restaurant sector (not in financial difficulty before the crisis) can benefit from this accelerated and simplified procedure for guarantees related to the COVID-19 crisis.

In order to deal with these files as quickly as possible, please remember that:

  • you must make your request via the bank,
  • you must provide your latest balance sheet and your bank's approval,
  • in any email exchange with your bank, you must copy the Mutualité de Cautionnement: cautionnement(at)houseofentrepreneruship.lu.

Please note that:

  • for all matters concerning state aid, any financial needs between the request for aid and the payment of the aid must also be pre-financed,
  • request in advance (as a preventative measure) a moratorium on current financing and an additional line of credit (50% covered by the Mutualité de Cautionnement, if necessary),
  • finally, as the COVID-19 crisis is unprecedented and its duration is uncertain, it is better to plan ahead: remember to take precautions in case you need cash.

Artisanal and craft companies should contact the mutuality for SMEs/MSMEs: +352 48 91 61 - 1.

Laurence Frank, Brasserie du Grand Théâtre

Why did you decide to apply for the guarantee offered by the Chamber of Commerce via its Mutualité de Cautionnement?
It's the first time I've called on outside help. Until today, I have always used my own funds or savings for my business. Even during the construction on the tram, when my business was heavily impacted, I didn't ask for anything. I have been surviving for nine years and I try to cope with every situation to keep my business afloat and to keep my employees. But today, this situation is unprecedented! So I decided to take the plunge and ask for help. Since the beginning of this crisis, the hospitality and restaurant sector has been losing money every day. We are on the front line, working very hard!

Are you satisfied with the processing time of your request?
Yes, very satisfied. The application and the bank's approval were processed within 24 hours. 

Are you satisfied with the help you received and would you recommend this service to other companies?
Yes, absolutely! I just hope that this will not be the only aid available to us and that others will follow, especially from the State, because this crisis is going to be really difficult to overcome. I also hope that this will have a positive impact on the hospitality and restaurant sector and that new regulations will be proposed.

Christophe Diederich, Concept+Partners

Why did you decide to apply for the guarantee proposed by the Chamber of Commerce via sa Mutualité de Cautionnement?
Given the situation, we have to do everything we can for our teams and to maintain our business. We have to use all the means at our disposal to be able to remain operational in the coming months. Naturally, this will involve applying for lines of credit from banks and guarantees such as those provided by the Chamber of Commerce's Mutualité de Cautionnement.

Are you satisfied with the processing time of your request?
Yes, more than satisfied! The people we contacted responded extremely quickly.

Are you satisfied with the help you received and would you recommend this service to other companies?
Yes, absolutely. All companies that need or will need financial support should be able to take advantage of all the help available to them to keep their business afloat.