PHILIPSBURG:---- Qredits Microfinance is happy to announce that two of its customers were the first recipients of the long-awaited Enterprise Support Program funds also known as World Bank funding. Both Kenny’s Car Rental and S&H Industries received Asset & Repair Funds which consist of a 35% loan and 65% grant a real boost to their business in these trying times.
Qredits has already received over 75 applications for the different Enterprise Support Program packages which consist of an Asset & Repair grant-loan combination, a working capital loan or a refinancing option. The Asset & Repair package is by far the most popular as it creates the most breathing room for businesses since only 35% has to be paid back and the remaining 65% is a grant.
The project is funded through the St. Maarten Trust Fund which is financed by the Netherlands, managed by the World Bank, and implemented by the National Recovery Program Bureau on behalf of the Government of Sint Maarten.
Over the past three years, Qredits has already supported over 300 entrepreneurs on the island through microcredit and bridge loans at reduced interest rates.
We are grateful that this Dutch funding is now being made available to the entrepreneurs on St. Maarten after years of challenging circumstances." says Elwin Groenevelt, Founder and CEO of Qredits. “We have been in conversation about this with the World Bank for quite a while and have been very busy over the past month processing applications. We warn our customers that the process is quite involved and requires a good amount of paperwork, but for diligent business owners, this is an opportunity they do not want to miss out on. Currently, 55 applications are under review by the Qredits team and hopefully soon by the NRPB team with whom they are in frequent contact.
For more information about the Enterprise Support Program or to apply, please visit www.qredits.com.
