A group of nine Dutch insurance companies and ABN AMRO have provided the first 75 million in credit to small and medium-sized businesses in the Netherlands through the partnership they set up last June. Loan sums vary from 75,000 to 1 million euros.
ABN AMRO and the insurance companies share the risks and returns on all the SME loans provided through their partnership. In February, the total credit volume passed the 75 million euro mark.
This partnership is one of the first joint financing initiatives to provide so much credit to so many SMEs in such a short time. he partners - ABN AMRO and insurance companies Achmea, Aegon, a.s.r., Delta Lloyd, Generali, De Goudse, Nationale-Nederlanden, VIVAT Verzekeringen and VvAA – have pledged to invest a total of 280 million in financing of SMEs. The maximum term of the loans is seven years. For insurers, the partnership offers an interesting opportunity to invest in the Dutch SME sector, and for ABN AMRO it offers a new source of funding and capital.
The partners in this investment initiative are enthusiastic about the smooth cooperation and the volume of loans already granted.
Richard Weurding, Director General of the Dutch Association of Insurers: “Insurers already invest over 60% of their assets under management in the Dutch economy. With this latest investment in SMEs we are keen to contribute to the success of this target group and add to the economy’s current positive momentum.”
Ruut Meijer, CEO Commercial Clients at ABN AMRO: "We’ve already reached a significant credit volume. The partnership is a success. Even more importantly, the infrastructure associated with this initiative is in place. This opens up a valuable source of funding and capital for the bank."
Jacob de Wit, CEO of Actiam: “Actiam is pleased to be one of the insurance companies to contribute to this social initiative. The initiative makes a good fit with our broader efforts to invest responsibly and with social impact for all our customers.”
The credit approval policy and lending procedures are no different for the SME loans provided through the partnership than for regular ABN AMRO loans. The conditions for approval are the same, and SME customers will be assisted by the client-facing staff they are already familiar with.