Qredits Microfinanciering Nederland and The Council of Europe Bank (CEB) have signed a loan agreement of EUR 16.6 million. This will enable Qredits to continue to grow its microfinance activities in The Netherlands and in the Dutch Caribbean.
1.000 extra microloans. Qredits has provided Microfinance in the Netherlands since 2009. The portfolio has now grown to 12,000 loans and the number of applications is still increasing. To finance this, Qredits strives for a broad funding base with financiers who want to contribute to the social mission of Qredits. The CEB is an extremely valuable addition to the current financiers like banks, insurance companies and the government. The new loan agreement of € 16,6 million will enable Qredits to support almost 1.000 entrepreneurs with a loan and mentoring!
The Council of Europe Bank is continuously on the lookout for projects in its member states with big social impact. Microfinance is a new sector in the portfolio of CEB and completely aligns with the Bank’s mission. This new loan agreement with Qredits contributes to the social objectives of CEB since Qredits realizes job creation by supporting starting entrepreneurs which in turn results in a lower demand for social government benefits.
Elwin Groenevelt, CEO Qredits: "The Council of Europe Bank is the ideal partner for us in view of its strong social mission. It is great that one of the largest social development banks in Europe is interested in the microfinance sector. We are convinced that with this loan we have started a long period of cooperation."
CEB Governor Rolf Wenzel expressed his satisfaction with the project approved and said: “Facilitating access to financing for micro, small and medium-sized businesses is one of the CEB’s main lines of action. I am very pleased that entrepreneurs with plans to start a micro-business will benefit from this CEB loan, especially since the beneficiaries include vulnerable people such as migrants and unemployed persons.”
Qredits is a social enterprise that supports entrepreneurs in the Netherlands to successfully start or invest in their company by offering loans up to € 250,000, coaching and the Academy for entrepreneurs. Qredits has already provided more than 13,000 loans for a total amount of more than 260 million euros. This makes Qredits the largest alternative lender for entrepreneurs in the Netherlands. In the Caribbean, Qredits is active and has offices on Bonaire, Aruba, Sint Maarten and Curaçao. Over 300 loans have already been granted on the islands.
Set up in 1956, the CEB (Council of Europe Development Bank) has 41 member states. Twenty-two Central, Eastern and South Eastern European countries, forming the Bank's target countries, are listed among the member states. As a major instrument of the policy of solidarity in Europe, the Bank finances social projects by making available resources raised in conditions reflecting the quality of its rating (Aa1 with Moody's, outlook stable, AA+ with Standard & Poor's, outlook stable and AA+ with Fitch Ratings, outlook stable). It thus grants loans to its member states, and to financial institutions and local authorities in its member states for the financing of projects in the social sector, in accordance with its Articles of Agreement.