Friday 30 October, 2020

Deadline for small/ medium business loans is next week

The Cayman Islands Centre for Business Development (CICBD) announces that the deadline for entrepreneurs and business owners to apply for support under Phase II of the grant programme being offered by Government to micro and small businesses is Friday, October 9.

Under Phase II of the grant programme, support packages for micro and small businesses will be provided to cover wages, digital enablement, commercial rent assistance, business-process innovation grants and customised business-continuity plans. Micro business will be able to access packages not exceeding $10,000, while small businesses may access packages up to $20,000.

The general eligibility requirements include:

· Applicants must have an up-to-date trade and business licence and other relevant licence/ permit;

· Must meet definition of small or micro business as per the Trade and Business Licensing Law

· Must be compliant with all relevant industry regulations

· Must have been operational for at least 12 months as at February 2020

· Must be at least 60 per cent Caymanian owned; and

· Business must be a going concern.

The CICBD reserves the right to request additional documents as may be required.

Phase II of the grant programme for micro and small businesses will support at least three hundred micro and small businesses that have a viable market but need help re-tooling and innovating to meet the needs of the post COVID-19 business environment.

Applications for the grant programme should be submitted online at www.cpiministry.gov.ky.

Persons needing assistance may come in person at the CICBD location at Bay Town Plaza, off West Bay Road, call 244-8009 or email CICBD@gov.ky.

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