One-Time Stipend for Small Business Owners

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Published 4th February 2021, 10:24am

Commerce Minister Hon. Joey Hew announced at the press briefing on February 4 that Cabinet has approved a one-time payment of three thousand dollars (CI$3,000.00) as a stipend to business owners who applied to Phase II of Government’s micro and small business grant programme and were not successful.

It is being coordinated through the Cayman Islands Centre for Business Development.

This is a single payment that will be made per business owner irrespective of the number of businesses owned, and/or number of applications submitted in previous phases of the programme.

Business owners who received a grant under Phase II of the programme will not be eligible to benefit from this stipend.

Some key points to be made about payment of the stipend:

• Beneficiaries will not be asked to submit any new application or supporting documents;

• Documents submitted in support of previous applications will be used as proof of operations for these applicants; and therefore

• No action would be required on the part of the beneficiaries. Deposits of $3,000.00 be made to the account numbers of business owners by electronic funds transfer.

It is anticipated that the number of business owners who will qualify to receive this disbursement will be over four hundred and fifty. The total fund commitment from Government is just over $1.3 million dollars.