WILLEMSTAD – The newly launched loan guarantee scheme for entrepreneurs in Curaçao and Sint Maarten holds promise, but will only have real impact if underlying structural issues are addressed. That’s the message from Sumaya Sinlae-ElHage of the Central Bank of Curaçao and Sint Maarten (CBCS). 

The new scheme, known as BMKB-ACS, is modeled after the Dutch BMKB program and aims to improve access to financing for small and medium-sized enterprises (SMEs). Developed jointly by the Dutch and Curaçaoan governments, the program will run through 2027. 

Up to 90% Loan Guarantee 

BMKB-ACS is the result of a 2022 study which found that startups and small businesses struggle to attract capital. Under the new scheme, up to 90% of a loan can be guaranteed by the Dutch government, with a total guarantee budget of €6.1 million. 

While the program offers significant support for entrepreneurship, Sinlae-ElHage, a specialist in Financial Modelling and Research at CBCS, cautions that guarantees alone won’t solve the problem. She urges local governments to establish complementary funding mechanisms and to tackle issues such as low financial literacy, limited entrepreneurial skills, and bureaucratic red tape. 

Coordination and Monitoring Are Key 

“Effective monitoring and collaboration between governments, banks, and business organizations are essential,” said Sinlae-ElHage. She also called for further research into the local capital market to explore ways to promote long-term financing, venture capital, and liquidity in strategic sectors. 

If properly implemented, the BMKB-ACS scheme could contribute to a more inclusive and resilient economy for both Curaçao and Sint Maarten, she added.