# Caribbean Vacations Forums > St. Maarten/St. Martin Travel Forum >  >  St. Maarten's Econony on a Downturn

## andynap

Home St. Maarten - St. Martin News St. Maartens Economy on Downturn --- Efforts are being made to boost economy --- Tuitt.

Wednesday, 20 June 2012 20:52 



Minister of Finance Roland Tuitt at the Council of Ministers' press briefing on Wednesday.
Philipsburg:--- Minister of Finance Roland Tuitt announced on Wednesday at the Council of Ministers' press briefing that St. Maarten's economy is lagging and there is need to boost the economy on St. Maarten. The Finance Minister said that the current trend is not a good sign and as such he has been meeting with various banks on the island to further discuss the economy. "We are on a downturn and not a recession as yet therefore we need to boost the economy because a lot of stores on St. Maarten are closing down." Minister Tuitt said that government is currently looking into structural ways to boost businesses as well as possible economic activities that will revive the economy.
Tuitt said for years St. Maarten relied on construction businesses which are one aspect of the economy but government has to also add other arms to further boost and revive the economy on St. Maarten.
The Finance Minister said that one of the programs government is working on is to have the necessary facilities in place for new investors, especially for young people. The Minister explained that while government is dealing with the financing institutions to provide the financing for the new entrepreneurs, government is also looking into having a coaching program for these new business people. "It is government's intention to have retired business people coach the new businesses so they can become successful." Tuitt said that each person that is granted financing to open a new business will have a coach alongside them to provide guidance. Tuitt explained that one of the main reasons the new businesses are failing is because in most cases they do not have the experience and discipline that is required to survive the first years as a new business. Tuitt said government is of the opinion that if the coaching program is in place then young entrepreneurs will be more successful.

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## amyb

"Mentoring" is a good thing--especially when the students listen

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## andynap

This is on the Dutch side but there are many stores closed on the French side too.

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## PIRATE40

Mr. Tuitt is spot on with the comment regarding the lack of experience during the first few years of opening a new business....as MikeR and I can attest to...Most lack the dedication and drive to survive, as well as the experience...they may gain the experience as time goes on, but are unprepared for the hard work and long hours, and crash and burn.....

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## MIke R

there is absolutely positively no harder small business to succeed in than a small business in a resort environment, which depends on tourism...our average failure rate globally is well over 50% at times, and our average burn rate is 5 years...this according to every trade paper I read....this is not for the weak or faint of heart....and   it doesnt work without discipline, and knowing your business and how tourism works, inside out, whatever it is or wherever that may be..resorts and tourism are not the place to have a learning curve....its an absolute jungle with curve balls coming from everywhere...much much more than a regular Main Street small business

that being said...if you can beat the odds and make it.....its a  gravy train and a sweet life


St Martin would be smart, as mentioned in the article, to have massive training seminars for those islanders wishing to start up a business on the island, and a bank willing to fund anyone *who has completed the training* and has good credit......not a guarantee for success, but better odds for certain

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