Credit union: investing in each other's businesses

  • KVK Editors
  • The basis
  • 10 November 2024
  • Edited 15 November 2024
  • 1 min
  • Managing and growing
  • Finance

If your SME needs financing, you can join a credit union. Credit union members put in money and help each other with funding, knowledge, and contacts. Usually in their own region or sector. Read how it works.

What is a credit union?

A credit union (in Dutch: kredietunie) is a cooperative in which entrepreneurs work together. Entrepreneurs become members of the credit union, which lends to entrepreneurs using funds provided by the entrepreneurs. The members determine the credit union's policy together, elect the board, and are joint owners. A credit union has no profit motive.

Investment and coaching

A credit union's money comes from its members. The credit union lends that money to its own members. You pay the loan amount back with interest. In this way, credit union members can invest together. The members share the investment risk. If you borrow from the credit union, you also get support from a coach, who is also a member.

For whom is a credit union relevant?

A credit union often targets business owners in a specific sector or region. Credit unions lend amounts between €50,000 and €250,000.

Joining a credit union

Do you want to join a credit union? Find the credit unions in your area and for your sector. You can usually fill in an application form on the website. In it, you explain what your business does, what plans you have, and how much funding you need for it. The credit union will assess your application and see if you meet their requirements for membership. Is your application approved? Then you must pay a membership fee. This amount varies but is usually between €100 and €1,000.

An overview of credit unions in the Netherlands can be found at the sector organisation: Vereniging Samenwerkende Kredietunies (Collaborating Credit Union Association, in Dutch) and Kredietunie Nederland (in Dutch).

Help with business financing

The Financing Guide helps you find your way around financing. Do you have questions after reading the information? Call the helpline: 088 585 11 11, or ask an expert for advice.

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