The Ministry of Investment, Innovation and Social Development has announced the resumption of the business stipend and asset grant programme for small tourism-related businesses, including tour operators, taxis and restaurants, to maintain their assets in preparation for the wider return of tourism.
In March, Parliament’s Finance Committee approved another $4.9 million for the programme after the funding allocated in the budget in December 2021 had already run out.
At the time, Financial Services Minister André Ebanks said the top-up of the initially allocated funds was needed because the Omicron variant of the coronavirus had delayed the ability of small businesses to return to “a level of profitability or even stability”.
Supplementary funding for these grants and stipends was approved by Parliament to ensure the survival of various tourism related businesses until tourism numbers return to more sustainable levels following the reopening of the borders.
The funds will be disbursed through the Cayman Islands Centre for Business Development.
Businesses previously approved under the programmes will not be required to submit new applications. But a verification process will determine that any assets the funding is claimed for do exist.
The funds must be used directly in support of business expenses, and businesses will be required to provide proof that funds were used for allowable expenses under the programme.
New applicants will be admitted to the stipend programme from Thursday, 14 April.
The application window will remain open for two weeks, with a deadline set for Friday, 6 May 2022.
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