COVID-19: emergency loan for Brussels VSEs

At the end of April 2020, the Brussels government decided to strengthen the economic measures implemented for the sectors most affected by the health crisis. The measures include boosting micro-loans for self-employed workers, VSEs and social enterprises.

RECOVER is an emergency loan which reduces liquidity burdens and promotes restarting and developing business activities affected by the COVID-19 crisis.

The emergency loan enables BRUSOC, a subsidiary of finance&invest.brussels, to grant self-employed workers, VSEs (Very Small Enterprises) and social enterprises cash loans of maximum €15,000 at reduced rates.

What is the loan amount?

• maximum €15,000
• repayable over maximum 3 years
• fixed interest rate of 1.75%

Who can benefit from this loan?

Companies wishing to benefit from this loan must have been affected by the COVID-19 crisis and have a liquidity need. This includes:

• sole proprietorships (full-time or part-time self-employed workers)
• companies structured under any commercial company legal form

N.B.: this is a cash loan. The loan must therefore be allocated to the following uses:

• recovery of working capital
• acquisition of stocks
• payment of arrears

Tangible and/or intangible investments are not covered.

What are the grant conditions?

For companies more than two years old

Retail businesses must meet at least two of the following three criteria:

1. the company grew from 2018 to 2019
2. had positive results on 31/12/2019
3. has positive equity

Sole proprietorships must meet the following criteria:

1. the company must have posted a profit on 31/12/19
2. sales revenue grew from 2018 to 2019

For companies under 2 years old

• if applicable, the last balance sheet published (or the assessment notice for sole proprietorships)
• a recent accounting report certified by an accountant
• the financial plan laid out when the company was incorporated

Exclusion criteria

• a loan cancellation by a financial institution
• tax or payroll liability overdue by more than two quarters, and prior to the COVID-19 crisis, unless clearance plan(s) have been accepted and proof that they are complied with is provided

Guarantee

• personal guarantee
• no application fee

How can you apply for a loan?

Send an email to the following address: covidbrusoc@hub.brussels. You will be sent a link to a form to fill out. The list of documents to attach to the form is found below:

• your 2018, 2019 and 2020 VAT declarations
• if applicable, detailed annual accounts for 2017 and 2018 (or the assessment notice for sole proprietorships)
• an accounting report closed on 31/12/2019, certified by your accountant
• a sworn statement concerning your tax, social security and VAT liabilities.
• a sworn statement that no loans have been cancelled by a financial institution before 13/03/2020 (if a company) or a statement from the BNB (if a self-employed natural person)
• if your company is less than two years old, the financial plan laid out when the company was incorporated
• a copy of both sides of your identity card
• a copy of the company’s full Articles of Association

N.B.: only applications including all of the documents required will be processed.