The track record of Qredits since it became active in the Windward Islands (see Wednesday paper) 3½ years ago speaks for itself. It provided low-cost loans totalling US $8 million to 334 entrepreneurs, of which 80 per cent would not have been able to start without such, according to a social impact study by SEO Economic Research Amsterdam.
Moreover, almost 640 new jobs reportedly were created. Considering that it arrived soon after the devastating hurricanes of September 2017 and was then confronted by early 2020 with the only-now-ending coronavirus-related crisis, these figures are impressive.
A similar facility is available through the Enterprise Support Project (ESP) of the National Recovery Program Bureau (NRPB) financed with means from the Dutch-sponsored Trust Fund administered by the World Bank, be it with different components. Here too the focus is on small and medium-size enterprises, so-called SMEs.
The latter is great because they are often called the backbone of any economy for a reason. However, many somewhat bigger companies can probably use help obtaining working capital as well, especially under the current circumstances.
For example, the maximum monthly turnover of 100,000 Netherlands Antillean guilders seems a bit arbitrary and limits the initiative’s socioeconomic effect. Maybe this can still be reconsidered, particularly if the amount earmarked for the ESP is not sufficiently made use of with existing rules.
After all, a broad reach should be among the objectives.
