EIF and Qredits sign first Progress Microfinance Agreement for Dutch Businesses

Feb 2011
Amsterdam, The Netherlands, February, 11 2011 - The Chief Executive of the EIF, Mr Richard Pelly, and Managing Director of Qredits, Mr. Elwin Groenevelt, today signed a guarantee agreement and loan deal aimed at supporting micro-enterprises in the Netherlands.

This agreement will allow the Dutch Microfinance Institution Qredits, to loan over EUR 20 million 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  face difficulties in accessing credit from traditional banking sources.

Through the European Progress Microfinance Facility (EPMF), the EIF provides a guarantee to Qredits, enabling it to lend to micro-entrepreneurs. Qredits also benefits from a loan provided under the European Parliament Preparatory Action initiative, which helps it to set up systems and deploy more resources to manage these additional micro-finance operations.

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 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”.

This financing benefits from a guarantee issued under the ‘European Progress Microfinance Facility’ established by the European Union.


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