A year after highlighting €76.1m in financial transactions approved in 2024, the Société nationale de crédit et d’investissement (SNCI) is shifting its focus. Its 2025 annual report, published on Tuesday 7 July, places less emphasis on the volume of funding committed and more on broadening the scope of its activities. On the agenda: more funded projects, a new loan scheme designed to boost business competitiveness and, above all, a strategy that allocates an additional €300m to support start-ups and innovation.

In 2025, the SNCI, led by Eva Kremer, provided €38.5m in loan financing across all schemes, whilst increasing the number of co-financed projects to 109, compared with 88 a year earlier – a rise of 24%. The bank also stepped up its presence on the ground, making around 950 contacts with businesses, compared with some 700 in 2024. More than 70% of the beneficiaries were new customers.

The bank’s focus on SMEs has been reaffirmed. Nearly 95% of the financing went to small or medium-sized enterprises, and 48% of the projects involved micro-enterprises with fewer than ten employees. Capital expenditure lending saw a sharp increase, with 57 transactions compared with 31 in 2024 (+83.8%), whilst the proDevelop programme provided funding for 65 businesses totalling €30m.

Developing sector-specific hubs in Luxembourg

The main development, however, is of a strategic nature. SNCI is continuing to roll out the Luxembourg Future Fund 2, which has a total of €200m, of which €160m has been committed by the state-owned bank. It has also decided to invest, subject to certain conditions, up to €4.892m in the Digital Tech Fund SCA Sicar Sub-Fund 3 – Vintage 4. Above all, its board of directors has approved an additional €300m over five years to fund start-ups and innovation, with the aim of developing sector-specific hubs in Luxembourg.

This new strategy also involves the launch of the Competitiveness and Sustainability Loan (PCP). Provided through partner banks, this zero-interest financing – under the European de minimis scheme – can cover up to 80% of a project’s cost, up to a limit of €200,000. It is primarily aimed at SMEs, but is also available to large companies for investments related to the digital and green transitions. Since its launch at the end of 2025, it has generated more than €3m in funding.

The annual accounts also reflect a successful year. Profit for the financial year stood at €115.1m, compared with €52.8m in 2024. This sharp increase is mainly due to reversals of impairment losses on equity investments totalling €43.1m, whereas SNCI had been forced to record significant impairment losses the previous year. Interest income fell to €28m (€40.5m in 2024), dividends to €47.6m (€52.5m) and the bank recorded a foreign exchange loss of €5.9m, notably linked to its stake in Cargolux. In accordance with its articles of association, the entire profit is allocated to reserves.