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Qredits signs a guarantee and loan agreement with EIF

The European Commission has today launched the first EU microfinance project in the Netherlands jointly with the European Investment Fund (EIF) to allocate funds from several EU instruments to the Dutch Microfinance Institution Qredits. These funds will facilitate the provision of microcredit of over EUR 20 million to small businesses and to people in the Netherlands who have lost their jobs and want to start their own small businesses. The EU Microfinance Facility was one of the actions announced in the Commission's communication: 'A Shared commitment for employment' on 3 June 2009 (see IP/09/859 and MEMO/09/259).

Princess Maximá of the Netherlands, EU Commissioner for Employment, Social Affairs and Inclusion László Andor, and Dutch Deputy Prime Minister Maxime Verhagen all attended today's launch event.

Commissioner Andor said "This new initiative will enhance entrepreneurship and the social economy in Europe and is closely coordinated with existing instruments to support microfinance in the European Union. It will help create jobs and specifically aims to help vulnerable groups find an alternative route out of unemployment and gives more people chance to realise their visions as entrepreneurs. "

EIF’s Chief Executive Richard Pelly said: “Micro-enterprises in the Netherlands will be the first in the European Union to benefit from the new EUR 200 million European Progress Microfinance Facility. This guarantee plus the loan support provided under JASMINE - another EU microfinance instrument - will help to give a much needed boost to individuals and small businesses, creating new jobs and opportunities for Dutch micro-entrepreneurs.”

Managing Director of Qredits, Elwin Groenevelt, said: “This European support will enable us to increase the volume of microloans that we provide, and to invest in capacity building so Qredits can reach financial sustainability in the coming two years.”

At the event, the Chief Executive of the European Investment Fund (EIF), Mr Richard Pelly, and Managing Director of Qredits, Mr Elwin Groenevelt signed a guarantee agreement and loan deal which will facilitate the provision of the EUR 20 million loan, through Qredits, to micro-entrepreneurs in the Netherlands. Qredits hopes to extend support under EUR 25,000 to over 1,000 small businesses in the Netherlands, many of whom are higher risk borrowers and often face difficulties in accessing credit from traditional banking sources.

Background
The European Progress Microfinance Facility (Progress Microfinance) is a new initiative established with EUR 200 million of funding from the European Commission and the European Investment Bank Group. Progress Microfinance aims to increase access to finance for micro-entrepreneurs, including the self-employed. The facility aims to make it easier for people who might have difficulties in accessing funds for business start-ups. Although it has a particular focus on groups with limited access to the conventional credit market, it is not restricted to these. Examples include female entrepreneurs, young entrepreneurs, entrepreneurs belonging to a minority group, entrepreneurs with a disability, sole traders etc.

Financial products (micro-credit guarantees and funded instruments) are made available through eligible intermediaries such as Qredits participating in the facility. Through the European Progress Microfinance Facility, the European Investment Fund provides a guarantee to institutions like Qredits, enabling it to lend to micro-entrepreneurs.

Micro-credit in the EU means loans under €25,000. It is tailored to micro-enterprises, employing fewer than 10 people (91% of all European businesses), and unemployed or inactive people who want to go into self-employment but do not have access to traditional banking services. 99% of start-ups in Europe are micro or small enterprises and one third of these are launched by people who are unemployed.

The implementation of Progress Microfinance is closely coordinated with other existing instruments to support microfinance in the European Union. This concerns in particular CIP , JEREMIE , JASMINE and EPPA, a preparatory action adopted by the European Parliament to promote a more favourable environment for micro-credit in Europe.

Further information
Detailed information about the European Progress Microfinance Facility can be found at: http://ec.europa.eu/epmf

Qredits is a new Dutch MicroFinance provider, which started its operations in January 2009. Qredits is a private foundation, founded by a group of public and private partners. These partners are: three banks, (ABN AMRO bank, ING Nederland and Rabobank), the Ministry of Social Affairs and Employment, the Ministry of Economic Affairs, and a fund for employment and living.

Qredits works nationwide in the Netherlands and provides financing and coaching facilities for micro-entrepreneurs, existing and start-ups. Microcredit is provided up to an amount of 35.000 Euros.

The target group is: all micro-entrepreneurs (< 5 employees, turnover under 250.000 Euros) active in the Netherlands with viable business plans, who have no access to regular credit facilities. Since January 2009 the loan portfolio of Qredits has been growing steadily. In the first year 530 micro entrepreneurs where successfully financed. By December 2010 this number has increased to 1141, with an outstanding portfolio of over 18 million Euros.
About the EIF: http://www.eif.org

EIF's central mission is to support Europe's small and medium-sized businesses (SMEs) by helping them to access finance. EIF designs and develops venture capital and guarantees instruments which specifically target this market segment. In this role, EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth, and employment. The EIF total net commitments to private equity funds amounted to over EUR 3.7bn at end 2009. With investments in over 300 funds, the EIF is a leading player in European venture due to the scale and the scope of its investments, especially in high-tech and early-stage segments. The EIF commitment in guarantees totaled over EUR 13.6bn in over 160 operations, positioning it as a major European SME guarantees actor and a leading micro-finance guarantor. The EIF manages EPMF, CIP, JEREMIE, JASMINE and EPPA.

Desondanks kan Qredits geen absolute garanties geven voor de juistheid en de volledigheid ervan. De verstrekte informatie is bedoeld als beschrijving van de dienstverlening van Qredits, niet als aanbod, beleggingsadvies of financiële dienst. Qredits behoudt zich het recht voor de informatie op ieder moment en onaangekondigd aan te passen. Het foutloos en zonder onderbrekingen functioneren van deze website wordt niet gegarandeerd.

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