The Cayman Islands Investment Bureau has launched two free services to assist small businesses and new ventures.
The CIIB’s Business Opportunity Listing Service links local businesses with potential financiers interested in investing in the local economy.
‘These connections give our local businesses, and in turn our economy, the opportunity to grow,’ CIIB Executive Director Dax Basdeo said in a press release.
‘There are many small businesses in our community which are in need of financial assistance,’ noted Minister of Commerce Charles Clifford. ‘This service provides an alternative avenue for raising capital by allowing these businesses to advertise in a free database where investors can look for new business opportunities.’
The listing service also provides a means of uniting ‘angel investors’ with local start-up companies. Angel investors are typically individuals willing to provide the seed money for businesses that commercial banks would generally consider too risky to finance. This service will also present potential business opportunities for wealthy retirees seeking to reside in the Cayman Islands.
In addition to this service, the Bureau provides customized notification of potential opportunities to registered investors, free of charge.
‘The concept of an investor network has proven successful in places like Korea, the United States, Canada, and even in some of our neighbouring Caribbean countries,’ said Mr. Basdeo. ‘They provide significant funding for small businesses so it is our hope that instituting this in the Cayman Islands will strengthen the development of new ventures.’