AMERSFOORT, Netherlands (8/9/12)--Shunned by banks, Dutch entrepreneurs are planning to set up "credit unions" to obtain loans, a Dutch newspaper reported on Wednesday.
The first credit union in the Netherlands will begin operation in September under the name Midden-Nederland, according to the Financieele Dagblad.
The financial organization was formed when a group of entrepreneurs shared a mutual frustration: a lack of credit from banks. Members of the credit union include a removal company, a pensions advice agency and a wine wholesaler.
Members who apply for a loan will be subjected to a rigorous approval process. Start-ups that receive funds will be assigned a coach--a member of the credit union who is experienced in business or finance.
Plans also are in the works for other credit unions, the Financieele Dagblad said.