Minister of Tourism and Economic Affairs Mellissa Arrindell-Doncher has announced the establishment of St. Maarten’s Small Business Development Center (SBDC), to be opened in October this year.
Spearheaded by Lucy Gibbes and her team at the Department of Economy, Transportation and Telecommunication (ETT), the SBDC, the SBDC has as its main objective, the provision of assistance to small businesses and aspiring entrepreneurs.
“Coming from the MSME (Micro Small Medium Enterprises) sector I can attest to the fact that SME’s are particularly important in any economy. A government should do what it can to support the growth of this sector. SME’s are the source of a significant share of job creation in any modern-day economy. These companies also contribute significantly to GDP growth and ensure that there is proper flow of money across the economy. The SBDC is key in realizing this while providing technical and managerial support,” the Minister said.
The Minister explained that the SBDC, to be established at the Ms. Lalie Complex on Bush Road, will seek to realize this mission through the utilization of certain core services:
- Technical assistance to improve the efficacy of the company’s systematic infrastructure
- Group training to improve the efficiency of the company’s human resources
- Market research tailored to the client’s needs
She further explained that the SBDC will allow counselors to work with hundreds of clients per year, broadening the client base and maximizing the efficiency of the services offered and the impact generated. “The mission of all SBDC professionals will be to help clients generate long-term economic impact that establishes new businesses, creates jobs, and increases sales and access to capital,” the Minister noted.
The Ministry of TEATT has recognized the importance and contribution of Micro, Small, Medium Enterprises (MSME) on the overall economic development of St. Maarten’s economy. Even though the economy is dominated by a robust tourism sector, carrying with it large resorts, MSMEs are the backbone of the country’s economy.
MSMEs are significant for employment creation, income generation, poverty alleviation, and a base overall development. MSMEs account for approximately 85% of enterprises established on St. Maarten as well as approximately 20% of Turnover Tax revenue. Despite these contributions, MSME’s on St. Maarten have presented a number of inefficiencies and areas for their own existence, growth and development. These may include; entrepreneurial development, business training, dissemination of information and even access to finance.
“While government do play a facilitating role to MSME’s, it is rather imperative and incumbent on any administration to have a proper function Business Support Organization to further facilitate the needs and create linkages for MSME’s in a more efficient and accountable manner. Hence the establishment of a fully functional SBDC and providing MSME’s the support in building their capacity and adequate training to making them more resilient in buffering economic down turns both nationally as internationally.”
The Minister added that the ETT Department in collaboration with her cabinet will launch an awareness and information campaign about the SBDC to make the public and potential entrepreneurs more aware of the mission of the center and how it can benefit them.