Dutch Banks provide € 30 million for Microfinance in Netherlands

Microfinance Focus, Sep 6, 2010: Nationally operating Dutch microcredit organization, Qredits has recently signed financing agreements for 30 million Euros with the Bank for Dutch Councils (BNG), Rabobank, ING and ABN-AMRO.

The agreements were signed in the presence of the Dutch minister of Economic affairs van Der Hoeven, and members of the Dutch council for microfinance, among whom chairman Laman Trip and Her Royal Highness Princess Maxima of the Netherlands.

The money will be loaned by Qredits. One and a half years ago, Qredits was set up with an initial sum of 15 million euros. Since then it has issued 865 microcredits to individual entrepreneurs. With the extra 30 million, it will be able to offer a further 1500 microcredits with a maximum value of 35,000 euros.

The Banks are prepared to provide Qredits with a loan of 30 million Euros in total, of which half is provided by BNG, and the other half by the three banks. De Dutch government is providing a guarantee of 80% for the BNG loan.

The minister of Economic affairs Van der Hoeven emphasized that she is very pleased that the “boosting role” of the government has meant that commercial banks have sufficient trust in Qredits to enter into these financing agreements. This fits the aim to realize sustainable development for Qredits, which should ultimately lead to an existence without government support

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