4 August 2021 - 2 min Reading time
At the end of July, Febelfin announced that the financial sector is ready to assist families affected by the recent floods in finding a solution to their financial problems. Many businesses have also been directly or indirectly affected by the floods, and they can also rely on the support of their bank.
The floods and heavy rainfall in July have caused enormous damage, not only to many citizens but also to numerous businesses, some of which were already struggling due to the COVID-19 crisis.
In addition to families who have lost their homes, it is clear that many companies and shops have also been severely affected by this new crisis, with properties or work tools being completely destroyed.
We encourage self-employed individuals and businesses facing difficulties in repaying their existing loans to quickly contact their bank or lender. Together, a solution can be sought for the specific situation of each business to help them get through this challenging period as smoothly as possible.
Even if your business is not currently in financial difficulties but you anticipate potential problems, you can still ask your bank for assistance.
Lenders are ready to promptly review the cases of affected businesses and work together to find a possible solution to their financing needs. Each situation is different, and lenders will examine each case individually, aiming to alleviate financial difficulties as much as possible. If necessary, they will leverage government support mechanisms, such as Sowalfin in Wallonia.
Here you can find more information on how to address business financing issues.
Lenders will also closely collaborate with insurers to promptly and collaboratively assess each case. This will enable the reconstruction to begin and potential financing for future compensation to be explored. The sector is prepared to provide assistance where possible and fulfill its societal role in supporting affected businesses. The goal is to enable them to restart their activities under the best possible conditions.
The flooding is causing financial problems for many businesses in the affected areas. Is this also the case for you? Contact your banker in a timely manner and discuss it. This way, your banker can work with you to explore potential solutions for your situation.