Written by: Jacqueline
THE SOCIAL IMPACT OF QREDITS AND THE ROLE OF AGRI FUND IN ELEVATING AGRICULTURE AS A SUSTAINABLE INDUSTRY
As we enter the second quarter of 2023, businesses and entrepreneurs continue to navigate the challenges and opportunities of the post-pandemic world. Qredits Aruba, the non-profit microfinance organization, has been working to support local entrepreneurs and strengthen the island's economy through its various programs and services. We recently had the opportunity to speak with Nataly Harms, the branch manager of Qredits Aruba, to discuss their recent initiatives and plans for the future.
QREDITS' SOCIAL IMPACT IN ARUBA
Since Qredits Aruba began its operations on the island in 2017 and financed 382 local businesses, representing an investment of Afl. 13.4 million in Aruba's economy, it has also helped over 1700 people who aspire to become local entrepreneurs, providing personalized training and detailed information on each business plan. Moreover, 89% of Aruba's entrepreneurs who received a loan three years ago are still active with their businesses. This is a clear indication of Qredits' consistency, value, and impact on entrepreneurs in our community.
AGRI FUND AND ITS ORIGIN
Qredits Aruba introduced a new program to help entrepreneurs in the agriculture sector. The program, known as "Agri Fund," addresses the need for access to financing and guidance for current and future entrepreneurs in the agriculture sector. The program aims to stimulate, develop, and elevate the agriculture sector as an industry, diversifying Aruba's economy. The program facilitates the financial product "Agriloan" at a reduced interest rate for current and future entrepreneurs in the agriculture sector and offers training to guide entrepreneurs in creating their business and financial plans.
FINANCIAL PRODUCTS AND PREPARATION FOR AGRI FUND
Qredits Aruba offers different financial products at a reduced interest rate in collaboration with the Government of Aruba. The "Investment Loan" financial product has an annual interest rate of 5.75%, designed to assist existing businesses that are still feeling the negative impact of the pandemic and can now invest in their companies. Agriloan is financing at a reduced interest rate of 2% per year for entrepreneurs in the agriculture sector, with a maximum loan amount of Afl. 200,000 and a term of five years.
TARGET GROUP OF AGRI FUND AND HOW TO APPLY
The target group for the Agri Loan product is new and existing entrepreneurs in the agriculture sector. To apply, fill out the application form available on the Qredits Aruba website. The most important documents for existing companies in this sector are the financial statements for the operational years, and for new companies, it's a business plan and financial plan.
AGRI BUSINESS ACADEMY AND ITS IMPACT
In January 2023, Qredits Aruba and the Ministry of Economic Affairs introduced the first AGRI Business Academy in Aruba to strengthen entrepreneurship in the agriculture sector. The educational program aims to offer entrepreneurs who want to start their own business or have already started their business in the agriculture sector an opportunity to expand their knowledge and experience in business management, specifically related to this industry.
AGRI Business Academy
AGRI Business Academy
AGRI Business Academy
AGRI Business Academy
AGRI Business Academy
AGRI Business Academy
The AGRI Business Academy is a 12-week program that includes theoretical and practical lessons guided by local and international experts and includes different visits to commercial farmers in Aruba. During the program, participants obtain essential tools to create their business plans. At the end of the program, participants present their idea to a panelist and receive their AGRI Business Academy certificate. The first AGRI Business Academy successfully completed with 20 participants, and in May 2023, a second group of AGRI Business Academy will begin with the same program.
CONCLUSION
Qredits Aruba sees many opportunities and potential in the agriculture sector and will continue to provide encouragement to entrepreneurs through the AGRI Business Academy, ensuring they are well-prepared and successful.
Soon, Qredits will publish the results of the
"Social Impact Study 2022,"
which is conducted every year.
Built with Shorthand