Small business grant programme has committed $2.6m with 97% approvals
The Cayman Islands Centre for Business Development, under the Ministry of Commerce, Planning and Infrastructure, began accepting applications for grants to the micro and small business sector in April of this year.
To date, 950 applications have been received, with $1,076,000 having been paid to applicants with a further $414,000 approved for payment. Of the applications received, 84 per cent have been processed, with 178 business owners receiving full payment of $3,000. Based on the number of approved applications, the total funds so far committed by the Government to the programme is $2.6 million.
With a 97% application approval rate, the micro and small grant programme has sought to ensure that all businesses that meet the criteria are given access to these funds.
The Centre is now moving to introduce a digital application form which will be rolled out later this month.
There have also been 65 applications to the low-interest loan programme with a total value of $2,221,000.
Five have so far been approved, with another five currently being assessed for approval. The total value of loans at the approval stage is $415,000.
For the benefit of those applicants who are unable to adequately present their financials to the bank, the government has also implemented a technical assistance programme, where qualified accountants have been employed to help prepare these documents at no cost to the small business owners.
This programme has so far worked with 32 loan applicants, helping them to prepare their financial statements and business plans.
The Centre has conducted five training webinars over the period with 350 persons in attendance.
Business Advisors at the Centre will now move to introduce small group training based on an assessed need, with primary focus on helping small businesses to pivot in the current business environment.
Entrepreneurs, micro and small business owners interested in support should contact the Centre for Business Development at 244-8009 or via email at firstname.lastname@example.org