How Qredits has supported entrepreneurs
Kralendijk 22 februari 2021 - In augustus 2020 vierde Qredits zijn 5de bestaansjaar op Bonaire. Terugkijkend naar de resultaten van de laatste 5 jaren kan de sociale kredietverstrekker met veel voldoening concluderen dat het een grote bijdrage heeft geleverd aan de Bonairiaanse economie en het ondernemersklimaat. Dit niet alleen dankzij de kredieten die verstrekt worden, maar ook coaching, e-learning en andere educatieve programma’s. Ook in 2021 wil Qredits bijdragen aan het herstel van het MKB, op het gebied van krediet, coaching en training.
Over the past five years, Qredits has witnessed a consistent upward trend in loan applications, culminating in a record-breaking 227 applications in 2020—a remarkable 49% increase compared to 2019, despite the challenges of the COVID-19 pandemic. This growth reflects a dual sentiment among entrepreneurs: a pressing need for liquidity to weather the crisis and a determination to seize emerging business opportunities with new start-ups.
While the number of approved loans surged significantly in the first three years, it has since stabilized, highlighting a sustained demand for entrepreneurial support on Bonaire. Our analysis reveals critical areas for growth, including creating awareness about entrepreneurship, fostering innovative business ideas, and preparing entrepreneurs for a future-oriented approach to business.
Another crucial factor for long-term success is maintaining accurate financial records—a challenge many entrepreneurs face.
Need help with your financial administration? We're here to support you!
2020 was also the year in which we experienced a global crisis and its effects on Bonaire for the first time. During the first lockdown in March 2020, Qredits was the first financial institution to offer repayment deferral to its customers. Over 80% of the portfolio in Bonaire took advantage of the 6-month repayment deferral at a reduced interest rate of 2%. This deferral was extended by an additional 6 months in August 2020.
The corona bridging loan (OVB) was introduced in May 2020 and is intended for existing entrepreneurs. The loan term is a maximum of 48 months, with the entrepreneur not having to make repayments for the first 6 months. The entrepreneur pays 2% interest on the loan amount during the first year, and 6.75% thereafter. The loan can be repaid at any time without penalties. In 2020, 30% of the approved loans were OVBs.
Due to the pandemic, it wasn't possible to celebrate our anniversary on Bonaire with a large event for our customers. Therefore, we chose to celebrate it online with our clients. For example, by highlighting them in our ‘Buy Local’ campaign on our Facebook page. In 2021, we continue celebrating our 5-year anniversary on Bonaire through August!
We are mainly known for our loans, but we offer more than that. In addition to loans, our clients can also follow a free coaching program. Potential entrepreneurs can shape their ideas through our trilingual e-learnings, the Entrepreneur School Program run by the FORMA Foundation, and the templates available on our website.
We are happy to collaborate on other initiatives aimed at the personal development of entrepreneurs.
The year 2021 will focus on the recovery of SMEs. Qredits aims to contribute maximally to this effort. On the one hand, by supporting entrepreneurs with appropriate credit solutions and relevant advice. But we must also keep in mind that the effects of the COVID-19 crisis are certainly not over in 2021. The current bridging loan will still be available for businesses that became operational before March 2019. From March 2021, the non-profit lender will also provide corona bridging loans to entrepreneurs who started before June 2020. In addition to these products, our regular Microloan of up to $50,000 at 9.75% will remain available for entrepreneurs who wish to finance the growth or startup of their business.
Want to know what financing options are available for your business?
Extra important in 2021 is the support of entrepreneurs through guidance and training. The following programs will be carried out alongside other activities such as coaching:
Follow our Facebook page, Qredits Bonaire, to stay updated on the above-mentioned actions and more.
