The Department of Commerce and Investment in the Cayman Islands maintains a Small Business Development programme established in 2005 to promote and facilitate entrepreneurial activity and provide support for the small business sector in the Cayman Islands.
The programme offers technical assistance and advice to both entrepreneurs who wish to start a business and already existing small businesses that need assistance with operational or expansion plans.
In addition a Small Business Development Unit (SBDU) provides a training programme designed to enhance the skills and competencies of business owners and their employees.
In supporting small businesses the SBDU is partnering with the Cayman Islands Development Bank, commercial lending institutions and professional groups including the Cayman Island Small Business Association, the Caymans Islands Chamber of Commerce and the Cayman Angel Investor Network.
Business plan advice
The services of the SBDU include business counselling in the form of private and confidential advice sessions during which business ideas are evaluated and assistance is given in the development of professional business plans.
Business advisors are also available to explain local laws and regulations related to the registration of a business.
Training sessions
The SBDU host regular workshops covering diverse subject areas relevant to businesses, such as accounting, marketing, financing, IT, human resources management and starting a business. The cost of admission is a minimal–$5 if pre-paid and $10 on the day of the event.
The presenters and facilitators of these workshops are members of the DCI staff and to a greater extent private sector volunteers who are practitioners in their respective fields.
Networking & marketing
The Small Business programme further includes networking sessions that allow business owners to get together in lunchtime sessions to share ideas and develop business ties. Small businesses can also benefit from free marketing opportunities to promote their products and services through free marketing opportunities.
Funding
An important area for small business tackled by the programme is access to financing. DCI business advisors can guide small business in the different channels available to seek funding. In Cayman’s local context small business funding may come from more than one source.
In addition to banks personal savings, family, friends, venture capitalists, angel investors and even suppliers can all be viable options. The DCI advises on traditional lending institutions as well as private sources and to that end has established a partnership with the Cayman Angel Investor Network (CAIN).
Resources
Finally, the DCI website contains a section featuring past workshop presentations, easy to use templates, small business articles and links to other website resources.
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