Monday 25 May, 2020

Cayman Government steps up support to the community & business

The government is actively providing support to those in the Cayman community who have been affected by the current coronavirus crisis.

Some 1,681 Caymanians in need have been approved for support. Caymanians in need of support should contact the NAU at 946-0024 or 948-8758.

Another 76 non-Caymanians in need from Grand Cayman and three from the Sister Islands have also been approved and will be contacted today. Those non-Caymanians who need support should email cigcovidsupport@gov.ky or should contact 244-8000.

Minister of Commerce, the Honourable Joey Hew announced once again that he fast-tracked the opening of the Cayman Islands Centre for Business Development on March 23, which will provide support to small businesses across the Islands especially during this current crisis.

The centre has provided daily virtual teleconference meetings on business continuity for small businesses on the island. Those who need help are urged to contact the centre at 244-3451 or 244-2498 between 8 am and 5 pm and 926-5771, up to 10 pm.

A number of further relief measures are being put in place by the Ministry of Commerce for the small business and micro business sector. 

A soft loan program in the amount of $5 million is being administered by the Cayman Islands Development Bank for Cayman-owned businesses. The term will be five years at an interest rate of one per cent, with no repayment until after a six-month initial period. Small businesses will be able to apply for loans of up to $50,000 and micro-businesses will be able to apply for loans of up to $20,000.

A one-on-one technical assistance program will be provided for a year by certified accountants who will provide help building business plans, strategic plans, business impact analyses, applications for funds etc. This will take the form of one-on-one training. The amount allocated for this is $500,000.

Training modules will also be offered to businesses.

Caymanian micro-businesses will also be provided with support via a $9 million grant programme. These businesses must be seen as recoverable and will provide support with cash flow issues. This will be funded by the government.

Information on these programmes will be widely disseminated to the business community.

Those who are interested can contact cicbd@gov.ky for more details.

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