The Ministry of Investment, Innovation and Social Development announced a new phase of business stipends worth $2 million.
The programme aims to ensure the survival of various tourism-related businesses in anticipation of the borders re-opening.
It follows a pilot programme involving watersports and land tour operators in September and October, who received funds from the Centre for Business Development to preserve their business assets.
The new phase of grants targets a wider array of small and micro business owners, and will be offered in the form of a single stipend.
These include transport businesses and restaurants that have been adversely affected by the absence of tourism.
Announcing the new stipend, Minister André Ebanks said impacts of a prolonged closure of Cayman’s borders in 2020 and 2021 have fallen disproportionately on small businesses whose bottom lines largely depend on tourism.
“These businesses play a vital role in the nexus of our tourism offering and our economy, so this phase of the stipend programme will aid their efforts to prepare for tourism to return,” he said.
The stipends will be processed through the Centre for Business Development.
Funds must be used directly in support of business expenses, and other criteria must be fulfilled.
Related Videos
