The Ministry of Investment, Innovation and Social Development confirmed that its business asset preservation grant programme, given to tourism-related businesses has concluded.
More than 400 Caymanian-owned businesses received support totalling approximately $7.5 million.
The Cayman Islands Centre for Business Development (CICBD) administered the programme – first through pilot phase in September and October 2021 and, again, after additional funding was approved by Parliament in March 2022.
Initially, during the pilot programme, grants were targeted specifically towards asset preservation for businesses involved in watersports and land tour operations.
Similar support was provided for the benefit of other qualifying tourism-related businesses including transportation and restaurants – all of whom were anticipating more sustainable levels of tourism following the re-opening of the borders in 2022.
Minister André Ebanks said the innovative type of funding assistance provided a critical lifeline in addition to the equally important stipend paid to tourism workers to replace personal income.
“With these grants, Caymanian businesses were able to pay to maintain or repair equipment, or make insurance or loan payments, since these and other costs continued to accrue regardless of the border closure. Nearly $7.5 million given in grants contributed to the survival of over 400 recipient businesses until the revitalisation of the tourism industry was underway,” he said.
Althea West-Myers, director of the CICBD, said the centre has resumed its important and primary mandate, to build capacity in micro and small businesses in the Cayman Islands and to advocate on their behalf.
She said, “The Centre has turned its attention to providing other forms of business development support that are equally important to business viability.
“These include an array of workshops, training opportunities, business coaching, conducting business assessments and facilitating networking events. All of these are offered at no cost to participants.”
West-Myers encouraged all local businesses, entrepreneurs, potential mentors and investors to engage with the centre.
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