Thursday 13 August, 2020

Government has committed over $3 mil to Cayman small businesses

Since the launch of the Government’s relief measures for businesses in April, which is being managed by The Cayman Islands Centre for Business Development, 1,085 applications have been received under the micro and small business grant programme.

Applicants have so far been given $1,592,000 with a further $386,000 approved for payment under the grant programme.

Of the 1085 applications, 84 per cent have been processed, with 347 business owners so far receiving full payment of $3,000.

Based on the number of approved applications, the total funds so far committed by government has been $3.147 million. The programme currently has a 97 per cent application approval rate.

Seventy-three applications with a total value of $2,451,759 have been received under the low interest loan programme. 

Eleven of these have so far been approved, with another seven currently being assessed for approval. The total value of loans at the approval stage is $615,000.

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. 

So far, the technical assistance programme has prepared financial statements and business plans for 42 loan applicants.

The Cayman Islands Centre for Business Development will open its doors to walk-in clients early next month.

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