Today’s news that Qredits will no longer be providing special post-Hurricane Irma soft loans for local starting and/or struggling entrepreneurs (see related story) is most regrettable. A budget provided by the Netherlands for 90 loans has been exhausted and the intention was to get financing for 300 more from the Dutch Trust Fund managed by the World Bank, but that has not materialised yet.
Of some 300 applications, 90 were approved for a total of US $2 million, while 70 remain pending. Recipients can borrow up to $25,000 at just two per cent with a six-year term.
Unfortunately, other interested parties will now have to make do with standard, less-favourable conditions.
The process of accessing the St. Maarten Reconstruction Fund through the Wold Bank is proving to be quite tedious, although the recent completion of the National Recovery and Resilience Plan (NRRP) may speed things up a bit.
The service provided by Qredits is a good example of one that certainly appears beneficial and should help make a significant difference in socioeconomic terms. If the means are readily available extending it seems like a no-brainer.
