Published 4th February 2021, 10:34am
During the Cayman Islands Government press conference held on February 4, 2021, Minister of Commerce, Hon. Joey Hew provided an update on the relief measures implemented by Government to support micro and small businesses.
Minister Hew stated that one of the main priorities of Cayman Islands Centre for Business Development which falls under his Ministry is to provide a wide range of support to micro and small business owners and entrepreneurs, including access to finance, technical assistance as well as advice and training.
In Phase I of Government’s micro and small business grant programme, one thousand four hundred and thirty two (1,432) businesses benefitted from approximately $4.3 million dollars.
And in Phase II of the programme, three hundred and seventy (370) businesses were approved for amounts ranging from $6,000.00 to $20,000. Successful applicants are currently being processed and are set to benefit from a total funding of $4.5 million dollars.
Additionally, twenty-nine loans have been disbursed under the joint CICBD/Cayman Islands Loan Interest Loan Scheme, with value of over $1 million dollars. Technical assistance was provided to 44 small businesses under this loan scheme.
“We anticipate that with the one-off payment of stipends, the opening of business incubator, as well as other relief measures Government has provided to micro and small businesses, they will be in a better position to navigate these unusual times”, Minister Hew said.