Heyliger-Marten urges entrepreneurs to describe the obstacles preventing them from growing
PHILIPSBURG:--- The National Recovery Program Bureau will undertake an access-to-finance study with technical support from the World Bank to examine whether the funding available to St. Maarten businesses meets their needs and what government could do to address the gaps.
Minister of TEATT Grisha Heyliger-Marten announced the initiative at Wednesday’s Council of Ministers press briefing, saying she and the Minister of Finance had endorsed the work.
For micro, small and medium-sized enterprises, she said, the inability to obtain affordable financing can prevent a viable idea, product or expansion opportunity from becoming a functioning business investment.
“How can we expect our small businesses to grow if they cannot access the financing they need?” the minister asked.
Heyliger-Marten, the only minister present at the briefing, said the study would examine existing financing options, assess how well they serve businesses, and identify measures the government could consider to close the gaps.
She urged entrepreneurs to participate if NRPB representatives or project team members contact them. Financial institutions and other relevant stakeholders may also be approached.
Business owners should explain their experiences seeking finance, the type of funding they need, the obstacles they have encountered and the changes they believe would help, she said.
“Good policy should not be developed solely behind a desk,” Heyliger-Marten said.
The consultation aims to bring businesses' experiences into the policy process. The minister argued that government cannot credibly promote entrepreneurship without examining the practical barriers that prevent firms from growing.
She highlighted the role of smaller businesses in creating employment, providing services, supporting tourism, and strengthening economic independence.
Wednesday’s announcement concerned a study, rather than the launch of a new lending facility or grant programme. Heyliger-Marten did not announce a funding allocation for businesses, a subsidized interest rate, an application window or eligibility requirements for financial assistance under this initiative.
She also did not give a specific commencement or completion date, saying the study would begin soon.
The World Bank’s involvement was described as technical support. No commitment to direct World Bank lending to individual businesses was announced.
The immediate opportunity for entrepreneurs is to help establish what is—and is not—working in the financing market. The study’s eventual findings would inform possible government responses, but the minister did not commit to a particular policy measure before that work is undertaken.