Credendo

Business success doesn’t come overnight. It takes a lot of guts, among other things. This rings especially true for those who look beyond their own market – and even more so for those who venture outside the EU. Because the further out, the higher the risks. Still, taking the risk is necessary because emerging markets simply offer the greatest growth opportunities. Fortunately, you can insure yourself through a credit insurer. Nabil Jijakli, Group Deputy CEO at Credendo, explains.

“Globalization has turned the world into a village. Consequently, doing business in distant markets is within the reach of many Flanders-based companies. Internationalizing your business pays off because to grow you need to go where the growth is. However, the chances of geopolitical unrest, corruption, armed conflicts and even wars are also higher there than in the EU.

In the past two decades, we have seen more and more crises, with less and less time in between, and with greater global impact. The internet soap bubble that burst, the global financial crisis that turned into an economic crisis, the COVID pandemic, the Russia-Ukraine war, countries like Ghana getting in trouble because of high debts... We are all aware of these examples.”

“Doing business internationally under such conditions is complex, both for Flanders-based exporters and their local customers. For example, half of companies exporting to distant markets have already had to deal with non-payment issues. Specialized advice and the right insurance are therefore essential. In this respect, Credendo takes over the risks faced by exporters, so that they can focus on their priority: conquering new markets.

We have a preventive role, carrying out a risk analysis for each country, region and industry. A rating indicates the potential dangers. We also examine the solvency of debtors. In addition, we offer credit insurance that allows exporters to still get their money if a debtor does not pay. We then try to recover the amount from the defaulter.

You can also come to us to safeguard your business from the unilateral termination of sales contracts. That’s worth the while because exporters often invest heavily in closing a deal. Moreover, it’s not always the customer’s fault either when deals fall through, as was the case with the war in Ukraine, for instance. Our credit insurance therefore protects against both commercial and political risks. Finally, we offer numerous financing solutions, also specifically for SMEs.”

“Our Credendo Green Package can be interesting for businesses with international ambitions, especially startups. With this offering, we support green projects, even if the applicant still only operates in its own country. However, there must be a clear export potential. This is one way in which we help encourage exports, as domestic references are needed to break through internationally.”

“For many years, Credendo was a sponsor of FIT’s Export Lion Awards. It was only logical for us to sponsor the Flanders International Business Awards now as well. FIT and Credendo share the same goal: to support Flanders-based export companies and help them with their export ambitions. We see FIT as a partner; we believe in the power of cooperation and are part of the same ecosystem. And just like FIT, we put a lot of effort into personal contact. During a crisis, some insurers will try and terminate a contract with no explanation. For us, that’s a no-go.”