The Cayman Islands Small Business Association has awarded its first small business grants to 10 micro- and small business owners.
The individual grants of up to $5,000 are governed by an agreement between the association and the Ministry of Commerce to boost government support of small businesses.
Dawn McLean-Brady, president of the Small Business Association, said the organisation was impressed with the calibre of applicants for the first-time grants. “It was encouraging to be a part of a process in which eight females and three males applied, and five of those females are existing small business owners.”
She said the focus, determination and perseverance of the business owners was evident in their applications. “Their commitment to making a positive impact on our community is seen in their passion for introducing new products and services or expanding and improving existing businesses,” she said.
Minister of Commerce Joey Hew said his ministry’s partnership with the Cayman Islands Small Business Association and the award of the grants showed government’s commitment to providing improved access to funding for small business owners.
“We will continue to lend our support to this initiative, as small enterprises are pivotal to driving the economy and development in this country,” Hew said. “We encourage other entities, particularly the financial lending institutions, to work alongside us as we seek to foster and promote innovation, creativity and the entrepreneurial spirit of Caymanians.”
To be considered for a grant, applicants must be Caymanian and a member of the Cayman Islands Small Business Association. The grants are aimed at start-ups and existing businesses for small business-related activities such as projects, a small business innovation research programme, small business technology and job creation.
The 10 recipients were selected by a committee of two representatives each from the government, CISBA and the private sector.
Related Videos
