Credit arrangements for businesses
Small Credit Corona ('Klein Krediet Corona', KKC)
The regulation ‘Klein Krediet Corona’ (KKC) is now open to the Caribbean Netherlands and is intended for small entrepreneurs who have been affected by the economic consequences of the corona crisis. To a large extent (95%), the government guarantees a bridging loan of €10,000 to a maximum of €50,000. The term of the loan is a maximum of 5 years, and the interest is a maximum of 4%. The credit is meant to cover for the (expected) losses suffered due to the corona virus.
Entrepreneurs who want to apply for a loan under the KKC regulation can sign up with a lender, such as a bank or Qredits. The lender then submits the application to Rijksdienst voor Ondernemend Nederland (RVO) in The Hague, who implements the regulation.
Credit institutions must be accredited for the BMKB / BMKB-C regulation in order to submit the application. If this is not the case, financiers can obtain an accreditation from the RVO (RVO.nl).
Broadening of the regulation ‘Guarantee for Entrepreneur Financing’ (GO)
This regulation is intended for larger companies. The extension means that the loans may amount to a minimum of €1.5 million and a maximum of €150 million, of which 50% is guaranteed by the Dutch State. Credit institutions that are authorized to conduct the business of a bank in a member state of the European Union, or in the Caribbean Netherlands, may participate as financier. The application must be made by the financier. The regulation is implemented by ‘Rijksdienst voor Ondernemend Nederland’ (RVO) in The Hague. Information and contact: GO.
Bridging loan BMKB
The temporary facility for financiers under the Guarantee SME regulation (‘Borgstelling MKB-regeling’, BMKB) will be opened for the Caribbean Netherlands. Unlike in the European part of the Netherlands, the BMKB in the Caribbean Netherlands is also open to agricultural entrepreneurs, including the fishing sector and aquaculture. Under this regulation, the Ministry of Economic Affairs guarantees the loans to entrepreneurs, so that they can get credits more easily. Entrepreneurs can turn to lenders, such as banks. With this extension, the amount of the surety loan in the BMKB is increased from 50% to 75%. In addition, the regulation will be further expanded compared to the previous announcement (Thursday March 12th,2020) and will also be applicable to bridging loans and current accounts with a term of up to 2 years. The application must be made by the financier. The regulation is implemented by ‘Rijksdienst voor Ondernemend Nederland’ (RVO) in The Hague. Information and contact: BMKB.
Qredits has opened a temporary crisis measure that charges a lower interest rate and offers postponement of financial repayment obligations to small entrepreneurs. The government supports Qredits financially with an additional amount of up to € 6 million in order to be able to offer the lower interest rate. The opening of this crisis measure will run until the end of May 2020. Information and contact: Qredits Bonaire and Qredits St. Maarten, St. Eustatius & Saba.