Financing SMEs and Entrepreneurs 2026: Luxembourg
Table of contents
According to the latest available data, SMEs (firms that employ less than 250 employees) accounted for 99.5% of all non-financial firms in Luxembourg in 2023. SMEs employed approximately 64.6% of the labour force and generated 60.4% of the economy’s total value added.
New lending to all enterprises amounted to EUR 46.4 billion in 2024, of which EUR 11.4 billion went to SMEs. As a result, SME lending accounted for 24.5% of total new lending in 2024. It should be noted that the analysis relies on a new and more accurate dataset, AnaCredit, that provides a clearer picture of credit conditions in Luxembourg.
According to AnaCredit data, SME interest rates fell from 6.92% in 2023 to 5.80% in 2024, reflecting the easing of ECB policy rates.
Over 2007–2024, interest rates for SMEs remained consistently above those for large firms. Lending conditions improved in 2024, with the SME rate declining to 5.80% from 6.92% in 2023, and the rate for large firms falling to 4.64% from 4.88%. As a result, the interest rate spread between SMEs and large firms narrowed accordingly, decreasing from 2.04 percentage points in 2023 to 1.15 percentage points in 2024.
Alternative forms of financing, such as venture capital, may be important for SMEs seeking finance. In 2024, nearly EUR 60.8 million of venture capital was invested in Luxembourg’s firms. The largest portion of all venture capital funding was invested in firms active in ICT (EUR 30.6 million).
Several measures have been implemented to facilitate SME financing. On 24 March 2025 the Minister of the Economy and the Minister of Finance presented an action plan entitled “10 Action Points for Start-ups.” It introduces tax incentives to stimulate private investment in young innovative firms, expands support for deep-tech and sector-specific incubators, and develops new financial instruments to strengthen venture-capital funding. Additional measures include the creation of an AI Experience Centre and an AI Factory to accelerate the development and adoption of advanced technologies.
According to the AnaCredit dataset, government-guaranteed loans amounted to EUR 0.8 billion in 2024. This is a gradual decrease from EUR 1 billion in 2023, EUR 1.6 billion in 2022 and EUR 1 billion in 2021. During the same period, government loan guarantees to SMEs totalled EUR 0.9 billion in 2024, compared to EUR 0.7 billion in 2023, EUR 1.3 billion in 2022, and EUR 0.8 billion in 2021. These figures emphasise the countercyclical nature of these loans and highlight the government's commitment to supporting SME financing during the COVID-19 pandemic.
The government has also emphasised innovation within SMEs. In 2024, SMEs accounted for 73% of Research, Development, and Innovation (RDI) projects financed by the Ministry of the Economy.
The number of bankruptcies among all firms in Luxembourg stood at 1163 cases in 2024, marking a 26.7% increase from the 918 reported in 2023.
Source: See Table 2.
The current macroeconomic outlook continues to be shaped by a series of overlapping crises. Recent global developments including shifts in trade policy and rising geopolitical tensions have further weakened economic prospects. According to the Note de conjuncture (STATEC, 2025[1]), Luxembourg’s GDP showed yearly growth rates of 6.9% in 2021, a contraction of -1.1% in 2022 and -0.7% in 2023 and a modest recovery of 1% in 2024. In the first trimester of 2025, Luxembourg’s GDP contracted again by -1% due to the shift in U.S. trade policy. According to the most recent Note de conjoncture, GDP growth in 2025 is projected to reach 1% (STATEC, 2025b).
The health restrictions linked to the pandemic initially caused a disinflationary shock; inflation in 2020 was 0.8% (compared to 1.7% in 2019). Subsequently, the post-Covid rebound and the war in Ukraine generated a surge in commodity prices, particularly energy and food, and led to a high inflation period of 8.2% in 2022. Harmonised inflation rate decreased back to 2.9% in 2023 and to 23% in 2024, to increase gain to 2.5% in 2025 due to rising global trade tensions (EUROSTAT, 2026). In 2026, the war in Middle East and raising energy prices contributed to a deterioration in the economic outlook. Recent projections estimate an inflation rate of 2.5% for 2026, followed by a decline to 1.7% in 2027(STATEC, 2026).
Figure 1 shows the evolution of interest rates between 2019 and 2025. For loans below EUR 1 million, the data indicate a sharp increase in the second half of 2022, reaching a peak at the beginning of 2024 (4.83%), followed by a period of stabilisation and a slight decline. As of September 2025, interest rates stood at 4.79% for loans up to EUR 1 million and 3.5% for loans above EUR 1 million.
Percent
Note: Monthly data; Loans to Eurozone Non-Financial Corporations, Floating rate and up to 1 year initial rate fixation.
Source: Banque Centrale du Luxembourg: Capital markets and interest rates, Table 3.1.
Table 2. shows that SMEs accounted for 99.5% of all non-financial firms in Luxembourg in 2022 (the latest year for which structural business statistics are available). SMEs, measured as firm with less of 250 employees, accounted for 65.3% of labour force and generated 62% of the total value added of the non-financial business.
Some caution is needed when reading Table 2. because the data refer to the non-financial business economy and, the financial sector is particularly relevant in Luxembourg. This industry accounted for 23.5% of the entire economy's gross value added (STATEC, 2024) and employed approximately 54 800 persons at the end of the year.
Note: Figures refer to total non-financial business economy.
Source: Structural Business Statistics, Lustat- DF_D1110.
Between 2007 and 2020, new SME lending fluctuated between EUR 8.7 in 2020 and 18.0 billion in 2011, representing on average around 12% of total new business lending. After the shift to AnaCredit data in 2021 (see Box 28.1), the share of SME lending rises sharply, reaching 37.6% in 2021, 38.2% in 2023, and 24.5% in 2024. This difference reflects differences in coverage and definitions between the two datasets (Riillo and Gobbo, 2025).
In terms of outstanding credit, total business loans expanded from EUR 38.0 billion in 2021 to EUR 60.6 billion in 2024, while SME loans grew from EUR 13.9 billion to EUR 17.5 billion over the same period. Consequently, the SME share of outstanding loans declined from 36.5% in 2021 to 29.0% in 2024, suggesting that large firms accounted for a growing proportion of total credit. Interestingly, the share of outstanding SME loans and the share of new SME lending are broadly comparable. In 2024, when the difference reaches its maximum, SMEs account for 29.0% of total outstanding loans and 24.5% of new lending. This pattern is consistent with trends observed in other OECD countries (see OECD, 2025).
Looking at the distinction between short-term and long-term SME loans. In 2021–2024, short-term SME loans (≤ one year) represented around 9–11% of total SME lending, indicating that Luxembourg’s SME financing remains primarily long-term in nature.
In 2021, Luxembourg changed the data source used for the Scoreboard. While SME lending indicators prior to 2021 were based on Interest Rate Statistics (IRS) data, from 2021 onwards Luxembourg has reported the Scoreboard data using AnaCredit.
One of the main reasons to change inlcude the limited definition of SME loans. While before SME loans were defined as new business loans of up to EUR 1 million, the shift to AnaCredit in 2021 provides a more accurate picture of SME lending as Anacredit allows the identification of SMEs based on employment and other size criteria defined by the European Union, rather than by loan amount (Riillo and Gobbo, 2025). In addition, it provides an accurate picture of the credit situation in Luxembourg, as it includes loans granted to Luxembourgish firms by all financial institutions across the euro area. Furthermore, AnaCredit allows for the first time, the observation of outstanding business loans, including both outstanding short-term loans to SMEs (≤ one year) and outstanding long-term loans to SMEs.
The interest rate paid by SMEs and the interest rate spread (i.e. the difference between the borrowing costs faced by large firms and by SMEs) are important indicators of the credit conditions faced by SMEs. The yearly interest rate charged to SMEs is computed as the average monthly interest weighted by the amount of loans granted in the same month. The interest rate spread measures the difference in percentage points between the interest rate charged to SMEs and the interest rate for large enterprises.
As noted above, the shift to AnaCredit data also affects the measurement of SME interest rates.
Percent
Source: Banque Centrale du Luxembourg: IRS (Interest Rate Statistics) and AnaCredit.
Figure 2 compares SME lending rates under the old (IRS-based) and the new (AnaCredit-based) methodologies. The earlier methodology tends to produce lower figure of the cost of SME borrowing, although both series show a deterioration in credit conditions in 2023 following the increase in ECB interest’s rates second half of 2022 (ECB, 2025). In 2024, the AnaCredit data indicate that SME interest rates declined from 6.92% in 2023 to 5.80%, in line with the reduction of ECB interest’ rates (ECB, 2025) while the rates based on the previous methodology marginally increased.
Percent and percentage points
Source: Banque Centrale du Luxembourg: IRS (Interest Rate Statistics) up to 2020 and AnaCredit onward
Figure 3 presents interest rates for SMEs, large firms, and the corresponding spread using all available data (IRS for 2007–2020 and AnaCredit for 2021–2024) providing a combined view across the two periods, although direct comparisons should be made with caution. SME lending rates are consistently higher than those for large enterprises. The gap is smaller in 2007–2020 than in 2021–2024. Over the full period, the spread ranges from 0.06 percentage points in 2011 to a peak of 2.13 percentage points in 2021. In 2024, the spread remained elevated at 1.15 percentage points, though markedly lower than the 2.04 percentage points observed in 2023.
The Survey on the Access to Finance of Enterprises (SAFE) of the European Commission and European Central Bank shows that, in Luxembourg, 21.3% of SMEs applied for a loan in 2024, compared to 14.16% in 2023, suggesting an increase in SMEs demand for bank financing. Over the reference period, the percentage of SMEs that applied for a loan ranged from 16.4% in 2014 to 32.3% in 2018.
In Luxembourg, venture capital (VC) investments have shown significant variations over the years, both in terms of investment stage (See Table 3. ) and industry (See Table 4. ). This volatility could have been caused by the limited number of companies that received VC funds (8 in 2024), rendering VC investments more susceptible to outlier values. Total investment in VC amounted to EUR 60.8 million in 2024 compared to EUR 123.7 million in 2023. In 2024, most VC investment was directed toward growth-stage firms (EUR 53.0 million) and companies operating in ICT (EUR 30.6 million). This pattern is consistent with the global rise in investment linked to advances in artificial intelligence (OECD, 2024).
Note: EUR million
Source: Invest Europe / European Data Cooperative
Note: EUR million
Source: Invest Europe / European Data Cooperative
Data on non-performing loans are sourced from the Commission de Surveillance du Secteur Financier (CSSF). In 2024, 0.78% of the total loan portfolio of Luxembourg banks was classified as non-performing, the highest level ever recorded. This values exceeds the previous peak of 0.64% in 2011 and well above the historical low of 0.12% observed in 2007.
Regarding bankruptcies among all firms in Luxembourg, there were 1 163 cases in 2024, marking an increase from the 918 reported in 2023. Over the reference period (i.e. 2007 – 2024), the number of bankruptcies ranged from 574 in 2007 to a peak of 1 262 in 2019.
Several measures have been implemented to facilitate SME financing. On 24 March 2025 the Minister of the Economy and the Minister of Finance presented an action plan entitled “10 Action Points for Start-ups.” The plan is based on the roadmap From Seed to Scale (Ministry of the Economy (2023) reinforces Luxembourg’s efforts to support start-ups and promote scale-up growth. It introduces tax incentives to stimulate private investment in young innovative firms, expands support for deep-tech and sector-specific incubators, and develops new financial instruments to strengthen venture-capital funding. Additional measures include the creation of an AI Experience Centre and an AI Factory to accelerate the development and adoption of advanced technologies. the Société Nationale de Crédit et d’Investissement (SNCI) will allocate EUR 300 million over five years to support these initiatives. (Gouvernement du Grand Duché de Luxembourg, 2025).
A government-guaranteed loan is a financial arrangement where a firm obtains a loan from its regular bank with the backing of a state guarantee. The availability of the AnaCredit dataset, which provides detailed information on individual bank loans exceeding EUR 25 thousand, allows us to estimate the amount of government-guaranteed loans.
According to the AnaCredit dataset, government-guaranteed loans amounted to EUR 0.8 billion in 2024. This is a gradual decrease from EUR 1 billion in 2023, EUR 1.6 billion in 2022 and EUR1 billion in 2021.
During the same period, government loan guarantees to SMEs totalled EUR 0.9 billion in 2024, compared to EUR 0.7 billion in 2023, EUR 1.3 billion in 2022, and EUR 0.8 billion in 2021. These figures emphasise the countercyclical nature of these loans and highlight the government's commitment to supporting SME financing during the COVID-19 pandemic.
The Luxembourg law of 6 June 2025 renews the national framework for state aid to research, development and innovation (RDI) and supersede previous law of May 17, 2017.new law updates existing instruments to reflect current economic and technological priorities, including dedicated provisions for artificial intelligence and cybersecurity, and aligns national support with EU RDI funding rules. The law also introduces targeted measures for business creation and adds a new aid category specifically for SMEs.
All manufacturing and service firms based in Luxembourg that are not in severe financial difficulty are eligible for financing. RDI projects are expected to have an economic impact. Additionally, an 'Effect of Incentive' criterion is applied, meaning aid cannot be granted if the project could be executed in the same manner without such funding. Beneficiaries must ensure that IP-protected research results can be licensed at market prices on a non-exclusive, non-discriminatory basis. The aid covers the eligible costs for RDI projects, with maximum rates varying depending on the project type and company size. SME firms may be eligible for increased aid. SME status is determined by having fewer than 250 employees and either an annual turnover under EUR 50 million or a balance sheet total below EUR 43 million. This assessment is conducted at the group level, including the applying company and any associated entities forming a single economic unit.
According to the activity report of the Ministry of Economy, in 2024, a total of 116 projects or programmes falling within the scope of the revised law (May 17, 2017) were assessed, compared to the 105 projects of the previous year. The total costs of these RDI projects amount to nearly EUR 173.2 million, of which EUR 93.1 million are covered by governmental grants. About 33% of projects had a budget exceeding EUR 1 million.
Percent
Source: Evolution of the share of projects undertaken according to company size.
Since 2016, the proportion of projects carried out by SMEs has surpassed that of large enterprises (See Figure 4). In 2024, SMEs accounted for 73% of RDI projects. This is a slight decrease from 78% in 2023.
The implementation of the amended law of August 9, 2018, in favor of SMEs continued in 2024, with 1,238 projects receiving positive approval (see Figure 5).
Number of applications
Source: Ministère de l’Economie (Rapport d’activité 2024, p. 37)
The planned expenditure for all these projects amounts to EUR 152.6 million, with EUR 24.7 million in aid granted. Most of the investment and aid was granted to companies in the crafts, trade, and hospitality sectors. The aid schemes for SMEs are composed of the following programmes:
Programme Fit4Digital
The Fit4Digital program supports the competitivity of SMEs in the implementation of their digital strategy. In 2024, 29 demands have registered and EUR 145 000 aid granted.
SME Packages
In the context of the energy crisis, the government has launched a support program to help SMEs in their energy and digital transitions. 382 demands have been registered and EUR 1.9 million aid has been granted through the different SME packages.
Temporary environmental impact assistance
To further encourage businesses to invest in measures that substantially improve their environmental impact, temporary aid, up to a maximum amount of EUR 100 000, has been introduced as part of the measures taken by the logement task force and has been extended until June 30, 2025. In 2024, 58 applications were granted for a total amount of €3.8 million.
Equipment credits
Equipment credit is a common tool used by the SNCI (Société Nationale de Crédit et d’Investissement) to help SMEs finance their investments. In 2024, EUR 6.3 million credit equipment were given to craft businesses, EUR 1.6 million to trade businesses and EUR 2 million to hospitality businesses.
The Digital Tech Fund is a CSSF-approved early-stage venture capital fund of nearly EUR 40 million, managed by Expon Capital. Established as a partnership between the Luxembourg government and private investors, it aims to finance and support technology start-ups in ICT, a priority sector for national economic diversification. Since becoming operational in May 2016, the fund has made 17 investments, including in Aydo and Marketleap in 2024. Its portfolio is gradually reaching maturity, driven by the growth of supported companies, which now employ around 500 people in areas such as cybersecurity, space, fintech and e-commerce (Ministère de l’Économie, 2025).
In 2021 the Orbital Ventures, a public-private partnership was set up to advance space economy. With an initial endowment of EUR 70 million, the fund invests in early-stage companies and focuses on space technologies including downstream (communications, cryptography, data storage, and processing geolocation earth observation) and upstream (space, hardware, materials, electronics, robotics, rockets satellites) areas. End 2021, the European Investment Fund (EIF) committed also to Orbital Ventures and the fund closed at EUR 120 million.
The Luxembourg Future Fund 2 (LFF 2), launched in 2023, is a EUR200 million investment programme jointly managed by European Investment Fund (EIF) (up to EUR40 million) and Société Nationale de Crédit et d’Investissement (SNCI) (up to EUR160 million). It succeeds the first fund (LFF 1) and supports Luxembourg’s economic diversification by investing in VC/private equity funds and innovative businesses through both early-stage and more mature hybrid debt-equity instruments across sectors such as climate tech, fintech, cybersecurity, energy, life sciences and space. (EIF, 2023)
Two mutual guarantee schemes aimed specifically at providing support for SMEs that operate in Luxembourg - the MPME (Mutualité des P.M.E.) and the MC (Mutualité de Cautionnement) of the Chambre de Commerce.
The MPME was established by the Chambre des Métiers and the Fédération des Artisans to alleviate financial constraints among their members. MPME offers its financial standing as collateral to banks and other financial institutions to facilitate lending to SMEs.
MC is a mutual institution for members of the Chambre de Commerce established to facilitate SMEs’ access to bank financing. It does so by providing guarantees to approved credit institutions when the collateral offered by the borrower is insufficient. In 2024, the MPME introduced a new guarantee scheme in Luxembourg that covers up to 80% of bank financing to support entrepreneurs. In the same year, MC approved 85 guarantee requests, amounting to a total of EUR 5.8 million (Chambre de Commerce, 2024).
The ODL (Office du Ducroire) is a public institution that provides services to exporters, including SMEs. It ensures risks associated with international business and partially finances promotional expenses, exhibitions, and export training. In the most recent available data, ODL reported new business insured for EUR 1.4 billion in 2023, compared to EUR 1.6 billion in 2023.
A simplified form of société à responsabilité limitée (SARL-S) came into effect in January 2017. The SARL-S, also known as “1-1-1 companies” (one person, one euro, in one day), can be established more quickly and with fewer startup funds than a regular SARL. The SARL-S is limited to individuals and was designed to facilitate the startup and growth of new business activities.
As of September 2025, 6 614 entities in the Luxembourg Business Registers (Registre de Commerce et des Sociétés – RCS) had adopted the SARL-S legal form, out of a total of 169 766 registered entities, representing around 3.9% of all registrations. In the same period in 2023, the SARL-S accounted for 5 866 entities, or 3.6% of the total.
Source: See Table 5
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