Scotiabank celebrated Small Business Week

Scotiabank Cayman celebrated Small Business Week between 17-21 September.

The bank’s branches focused on entrepreneurs with a series of activities which included a developmental workshop, small business customer displays in all four branches and a client appreciation event. Regionally, the week of activities also focused on female entrepreneurs in other countries.

“At Scotiabank, we know the valuable contribution of small business owners to the growth of the Caymanian economy,” said Raymond Tynski, manager of the Scotia Centre branch. “We are excited to see the large number of entrepreneurs who seize the opportunity daily to invest in their dreams and put their plans into action.”

The Global Entrepreneurship Monitor notes that small business ventures are growing worldwide, particularly women owned businesses. In 2010, as many as 187 million women around the world were actively engaged in either starting or running a small business. Women entrepreneurs are mainly active in the consumer-oriented sector, with a share of 65.4 per cent in Barbados, 71.3 per cent in Jamaica and 76.7 per cent in 
Trinidad and Tobago.

Speaking about the work that Scotiabank has invested in developing the technical capacity of its clients, Shannon Sylvestre, small business banking manager with Scotiabank, said: “We are committed to helping entrepreneurs achieve their financial goals, offering relevant advice; services and tools that will help them start and grow their small business. We believe that financial literacy and business planning and knowledge are vital to our client’s business success.”

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To kick off the week of activities, the Scotiabank Cayman team worked with the Cayman Islands Small Business Association to stage a development workshop focusing on establishing a small business for current customers and other prospective small business banking customers. The workshop looked at the issues involved in setting up a small business, understanding credit policies and reducing the 
risk of default.

The seminar took the format of a panel discussion and gave attendees practical advice and direction on how it can be applied in their daily operations. The event also offered the opportunity to network with other business owners.

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