Published On: Wed, Sep 20th, 2023

Enterprise Support Program extended until 2028

PHILIPSBURG — The Enterprise Support Project (ESP) will remain in place until June 2028, the National Recovery Project Bureau (NRPB) announced in a press release. Micro, small and medium enterprises can get grants and low-interest loans for 75 percent of their investment, up from 65 percent. The extended program also offers qualifying entrepreneurs a longer repayment period.

Since the launch of the program in 2020, ESP has supported more than 200 local businesses and provided training to more than one hundred participants.

The extension of the program went into effect on September 15, together with a revised design. The restructured program will strengthen the long-term sustainability of capacity building, the press release states.

Minister of Finance Ardwell Irion, described as one of the program’s champions, is pleased to see a stronger emphasis on training and financial support.

The higher financing option of 75 percent is available to businesses that partake in select small business training programs such as the ESP training, the Small Business Academy (hosted by Qredits) and the SEDP training launched by the Ministry of Tourism, Economic Affairs, Transport and Telecommunication (TEATT). During these trainings entrepreneurs will learn about writing a business plan and about business management practices.

Minister Irion states in the press release that micro, small and medium enterprises play a pivotal role in driving economic growth, creating employment and fostering innovation. Supporting these companies, the minister stated, “contributes to achieving a more equitable distribution of wealth.”

TEATT-Minister Leo Lambriex supports the changes to the ESP-program. “I encourage all to embrace the opportunity to continue to grow and urge all to take up this offer.”

Prime Minister Silveria Jacobs states in the press release that micro and small businesses are the backbone of the economy. “They drive innovation and create jobs in every corner of our nation. Together we can build a stronger and more resilient economy that benefits us all.”

The revised criteria for taking part in the program are on the ESP web page: www.nrpbsxm.org/esp. For question email to enterprisesupport@nrpbsxm.org or call +1-721-542-8886 or +1-721-5428887.

ESP is a project of the St. Maarten Trust Fund, financed by the Netherlands, managed by the World Bank and implemented by the NRPB.


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