BES Culture loan
For entrepreneurs in the cultural or creative sector
What is BES Culture loan
Are you active in the cultural or creative sector on Bonaire, St. Eustatius or Saba? And do you want to realize an idea or project? Or do you have a concrete idea that you would like to start with in this sector? Then you can apply for a Culture Loan from Qredits for working capital and investments. The Culture Loan is an initiative of Cultuur+Ondernemen and made possible in part by the Ministry of Education, Culture and Science in the context of the Talent Development Policy.
Loan for entrepreneurs in the cultural or creative sector!
- Amount: up to $ 40,000
- Term: maximum 72 months
- The first 6 months you only pay interest and no repayment
- Interest rate of BES Culture Loan: 2%
- processing fee of $ 0,-
- Applications are processed by the Qredits office on Bonaire
The BES Culture loan is an initiative by Cultuur+Ondernemen and is made possible with support from the Ministry of Education, Culture, and Science. Existing or aspiring entrepreneurs active in the cultural or creative sector (such as visual arts, photography, graphic design, fashion, architecture/design, theater & dance, film/television, multimedia, music, literature, and creative incubators) can apply for the BES Culture loan. The loan can be used for projects, products, or the recovery of your business.
Read the story of PS Furniture, the first recipient of the BES Culture loan on Bonaire.
Process of a BES Culture loan application
Required documentation
To assess your request properly and promptly, we require a number of documents. Make sure you have these documents readily available for submission.
For startups:
- Your business plan. Here you can find an example of a business plan.
- Your financial plan with an outline of your investment. Here you can find an example of a financial plan.
For existing entrepreneurs:
- Description of the business activities and the market;
- Extract from the Chamber of Commerce in Aruba;
- Investment budget with explanation;
- Final annual figures from the last 2 years from the accountant;
- Interim figures for the current year (from your own administration);
- Operating budget;
- Liquidity forecast.
Applying for a loan
Apply for a loan. Once your application is received, we will get started!
Reviewing your application
We will review if the application is complete. If anything is missing, you will receive a message from us.
If the application is complete, a business advisor from Qredits will schedule a personal meeting with you.
Meeting with a business advisor
In a personal conversation, we will discuss your plans, situation, and possibilities further. Furthermore, we will inform you of the next steps to be taken in order to finalize the loan application process.
Finalizing your application
After meeting with our business advisors, a final assessment of your application will be made by reviewing all (updated) documents provided. Ultimately, your loan application will then be submitted to our risk managers and your advisor will inform you of the final evaluation of your loan application.
Questions about applying for a BES Culture loan
Is it necessary to bring in your own money?
No, this is not necessarily required, but depends on your business plan and investment budget. We will assess each application to determine the extent to which the overall risk is acceptable to provide funding without your own contribution. Generally, own contribution increases the likelihood of obtaining financing.
Does Qredits ask for a deposit?
Qredits does not standardly ask for a deposit. Depending on the overall risk assessment of the business plan, the entrepreneur may be asked if someone could stand as a guarantor for the loan. A guarantor generally increases the chances of obtaining the financing.
Am I eligible for a loan by Qredits without my own input (money and/or goods)?
Yes, in principle there is no need for your own contribution to qualify for a loan at Qredits. However, it can strengthen your position. We would like to have a conversation to see if you qualify for a loan. We always look at the entrepreneur when providing business credit.
How to qualify for a loan?
With a total financing requirement of up to $ 100,000, you may be eligible for a business loan from Qredits, provided any existing financing is not too high. The documents required depend on whether you are starting a new business or expanding an existing one.
Is collateral necessary to obtain a loan?
No, in many cases no collateral is needed to qualify for a loan at Qredits. In certain situations, the business advisor may deem it necessary.
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Together the best for your business thanks to:
- Financial resources for the continuity or and growth of your business;
- Individually tailored advice;
- Visit to your business to discuss your application together;
- The reduced interest rate made possible by the interest subsidy from the government of Bonaire
FAQ for startups, loan limits and financing options
Can I apply for a current account?
You cannot apply for credit in the form of a current account at Qredits. We only provide business loans up to $ 100,000.
How soon can I obtain a business loan from Qredits?
Normally, within 14 days after an interview with a business advisor an update is given on the finalization of your loan application. The duration of the loan application primarily depends on the promptness of the requested documents. Upon approval, the necessary deeds are drawn up and sent. Upon receipt of the signed deeds, the credit will be transferred to your business account within 10 business days.
What about combination financing?
In the case of combination financing, it is important that the financing from the bank is approved first. Then you can submit an application to Qredits.
Is a business plan necessary to apply for a start-up loan?
Yes, when starting a business, having a good business plan is essential when evaluating your application. Qredits offers several tools for writing a business plan. For example, you can use the free template business plan. You can also get started with our e-learning Business Plan Writing.
Do you always get a coach when you receive financing from Qredits?
Coaching is highly recommended when taking out a loan. The goal of the business coach is to help you succeed in your business.
Together, we will look at what you need and where your needs lie.
Can I apply for a loan over $ 100,000?
If your amount requirement exceeds $ 100,000, it is important that you first secure the additional loan amount needed from, for example, a bank.
Having issues or questions? We will help you! Also for advice on which loan, training or coaching best suits your situation. Please contact us.