Factsheet for measure
NL-2020-12/752
–
Updated
– measures in Netherlands
Interest reduction and loan payment delays for small enterprises using microcredit Qredits system
Rentekorting kleine ondernemers op microkredieten Qredits
Background information
This expansion of the Qredits system is part of the package of emergency measures to deal with the COVID-19. This was a package of several measures which have been taken to combat the pandemic and its effects.
The Qredits microfinancing system is an existing government sponsored financier. This microcredits fund is more a permanent feature that is being temporally expanded as part of the package of emergency measures by the national government.
Content of measure
The Qredits microcredit fund is a governmental fund which provides financing as well as support and coaching to micro and small enterprises which face challenges gaining financing via more traditional avenues (such as bank loans). Users of the fund tend to be small, notably micro-enterprises and are often run by individuals with a poorer socio-economic or migrant background.
With the aim of supporting small entrepreneurs who are hit by the COVID-19-related measures, Qredits has relaxed some of the financing conditions.
Small entrepreneurs can delay their loan payments for up to six months and the interest rate will be kept at 2%. The national government supports Qredits in this effort with a maximum of €6 million.
Updates
The following updates to this measure have been made after it came into effect.
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16 June 2021
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The arrangement has been extended until 31 December 2021, due to the continuous COVID-19 situation.
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11 May 2021
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Entrepreneurs can apply for a bridge loan up to 30 June 2021. The first 6 months months repayment is not required, providing an indirect interest discount.
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13 July 2020
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The aim of this measure is to support the 6,000 small entrepreneurs who currently have Qredits loans. Besides this Qredits hopes to provide another 2,000 entrepreneurs with
Overbruggingskredieten
, or bridging credits. In total Qredits aims to support 8,000 small entrepreneurs.
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Use of measure
Data of 2020 indicates that Qredits granted 1,400 COVID-related interest reductions and loan payment delays. Data for 2021 not available yet.
Target groups
Actors and funding
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Actors
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Funding
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National government
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National funds
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Social partners
Social partners' role in
designing the measure
and form of involvement:
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Trade unions
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Employers' organisations
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Role
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Consulted
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Consulted
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Form
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Consultation through tripartite or bipartite social dialogue bodies
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Consultation through tripartite or bipartite social dialogue bodies
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Social partners' role in the
implementation, monitoring and assessment phase:
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No involvement
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Main level of involvement: Peak or cross-sectoral level
Involvement
Since the outbreak of the Corona crisis, the government has had regular and close consultation with the social partners. Together the national level social partners and the government arrived at the first and second packages of emergency measures, announced March 17th and May 20th respectively.
Views and reactions
No information available.
Sources
