Small businesses are the bedrock of Sint Maarten’s economy. They are a major source of job creation and help encourage innovation; they also provide many of the products and services in our daily lives and contribute to the social cohesion of our island communities.
However, access to finance is a longstanding challenge to small businesses creation and growth, particularly those run by women and young entrepreneurs. Moreover, this sector has been hit the hardest by the devastation of Hurricanes Irma and Maria and the COVID-19 pandemic.
Given the importance of small businesses, the NRPB, as an implementing agency of the Trust Fund, launched the Enterprise Support Project (ESP). This project aims to strengthen their recovery and increase the resilience of businesses in Sint Maarten. This involves cooperation with financial institutions, such as commercial banks and social lenders, that offer loans and grants to assist small businesses and enhance their services.
The project will be prioritizing new, micro and small businesses in need of financial assistance due to reduced funds available. The micro and small business category is defined based on the SME Policy Framework of the Ministry of TEATT.
Read more about the project guidelines here.
How do we support small businesses?
We offer two packages:
Package 1: Working Capital
Package 2: Asset and Non-Structural Repair (AR)
Package 2 incentives:
New MSMEs may be eligible for a maximum 75 percent grant and minimum 25 percent loan if they meet the two criteria:
- Complete the ESP training, Small Business Academy by Qredits, or any other ESP-supported training.
- Receive assistance from a financial advisor or accountant.
This is unavailable for enterprises with shareholders or managers of multiple registered enterprises on Sint Maarten. This is only applicable for one package at a maximum of $85,000.
Micro-businesses that apply for an AR package size ≤ $25,000 may be eligible for a maximum 75 percent grant and at least 25 percent loan. This is unavailable for enterprises with shareholders or managers of multiple registered enterprises on Sint Maarten. This is only applicable to one package.
All other Businesses
For all other eligible businesses not meeting the new MSME and Micro-business criteria; the AR investment is structured so that a maximum of 65 percent of the investment is a grant and at least 35 percent loan, with the maximum grant amount limited to $65,000.
Eligible enterprises can combine the two packages. However, the total application cannot exceed $150,000 for existing businesses and $85,000 for new businesses. Businesses cannot exceed $65,000 in grants.
Conflict of Interest
Connected enterprises cannot receive more than two packages of $150,000, totaling $300,000. Connected enterprises are separate businesses that have a common owner who has more than 25% ownership in each of the enterprises.
Connected MSMEs who are also related as defined as MSMEs who meet the following criteria will be excluded from funding:
- Operate on the same physical site.
- Whose works or services are dependent on one another.
- Whose principals are connected?
Watch the video to learn more!
Whatever business phase you are in, from startup to mature, our partners can assist you in providing financing for your investment needs. From beauty salons to construction companies, you can get in touch with the bank of your choice.