COVID-19: emergency loan for the hospitality sector

As part of the emergency measures agreed upon by the Brussels government, finance&invest.brussels was given the mission of assisting with credit requests from hospitality businesses with at least 10 full-time employees which are affected by the COVID-19 crisis, and their suppliers.

This exceptional measure has been implemented to help companies facing a lack of capital due to the current crisis. It consists of a reduced-rate unsecured loan (as quasi-equity).

What are the characteristics of the loan?

• The rates are minimum 2% and maximum 3.6%, depending on the amount
• Possibility of a 6 to 12-month moratorium (delayed payments, except for interest)
• No prepayment penalty if refinancing or repaying early
• Without pari passu
• Without negative pledge (= clause included in a loan agreement that forbids the implementation of new guarantees to the benefit of other creditors on all or part of the assets and property owned by the debtor).

Who can benefit from this loan?

All Brussels hospitality businesses which meet the following criteria:

• employ at least 10 full-time employees
• did not experience financial difficulties at the end of 2019
• already took advantage of other measures.

All of the key suppliers of the hospitality industry which meet the following criteria:

• did not experience financial difficulties at the end of 2019
• already took advantage of other measures

For the latter, priority will be granted to those:

• who supply goods or services necessary for Brussels hospitality businesses to continue their activities
• with the highest number of Brussels hospitality businesses as customers

How can you benefit from this loan?

If you are a hospitality business or supplier and you meet the above criteria, you can benefit from the new loan by sending an email to coronacontact@finance.brussels with the following information:

• company name
• VAT number
• business sector
• telephone number