Tourism Minister Kenneth Bryan says he wants to introduce grants of up to $50,000 for Caymanians in cottage industries to help bolster and diversify Cayman’s tourism product.
The grant scheme, which is still in its initial stages, is far from complete, and hinges on financial support when government plans its two-year budget in the coming months.
If Bryan is granted the funding, he says it would be applicable for “mom and pop” businesses run by Caymanians who might be skilled in craftwork but lack the administrative skills to operate a business.
“For instance, there is a lady in Bodden Town or East End or North Side who says, ‘I want to offer up the fact that I sit at home and do plaits, and I want to tell the tourists about it but I don’t know how to do a business plan’…,” said Bryan. “Grant her $50,000… through my ministry but with [the Department of Commerce and Investment] helping to develop the product they are selling.”
Bryan made the comments during an interview on the Cayman Compass weekly talkshow ‘The Resh Hour’ on 5 April. He stressed that while the grant project is still in the concept stage, he would like to see it realised within the next two years.
“I want a budget that I can go out and start creating criteria where you can get this grant and develop more products,” said Bryan, who added that the vision is in line with calls from the Florida-Caribbean Cruise Association for more authentic products.
There are no hard numbers on the amount of souvenirs that are imported and resold under Cayman Islands branding versus Cayman-made products actually created locally.
However, the scarcity of authentic Caymanian products is partly due to a lack of meaningful support from successive governments.
In 2022, Bryan announced that government had purchased a plot of land along North Church Street for $5.6 million with the vision of creating a cultural experience.
More than a year later, the homes at the site have been demolished, and the land has become overgrown with shrubs, while the ministry waits for funding from the new budget.
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One way to assist this problem is to ban the import of these Chinese made “Cayman craft products” which seem to dominate the craft market near the harbour front.
Thank You
Someone wants to sit at home and wait for tourists to come to them to get their hair plaited?
It doesn’t cost $50,000 to do a business plan for this idea.
Here’s one free of charge from someone with 30 years in consumer marketing.
“You have zero chance of this being a viable business if you want tourists to come to your home.”
Is there a valid argument to give financial help to local businesses? Perhaps.