After the necessary research, contact was made with the non-profit foundation Qredits. This foundation, which is in existence since 2009, offers unsecured micro and small business loans to qualified individuals while the risk is carried by Qredits. An amount of about € 250 million has been made available for SME’s on Sint Maarten. According to Ms. Gibbes, ‘Qredits has the advantage of creating employment through job creation and increase revenue collection by government’. It is the intention to commence with this project by September 2017; the necessary preparations, which includes the set-up of a front office with two local loan officers, will take place beforehand. The project will run as a 2-year pilot.
The Council reacted positively to the initiative taken by the Department of Economy, Transportation & Telecommunication and was of the opinion that Qredits would create a great opportunity for the people Sint Maarten. The Council is looking forward to upcoming launch in September and beyond. Upon advice of the Council, a similar presentation would be held with the Labour Department.