Sunday 5 July, 2020

Govt provides update on micro and small business loans

Two months ago, Commerce Minister, Honourable Joey Hew, announced a number of relief measures that Cabinet approved to support micro and small businesses.

These measures form part of the government's efforts to arrest the economic disruption of COVID-19 and include the:

Low-Interest Loan Programme - (funding of $5 million)

Micro and Small Grant Programme - ($9 million)

Technical Assistance Programme- ($500,000) and 

Training and Handholding Programme – ($21,000)

The total amount in assistance that the Government is providing to support the programmes is $14,521,000.

The Cayman Islands Centre for Business Development, which falls under Minister Hew’s remit, is tasked with administering the various programmes.

To date, the Micro and Small Business Grant Programme has received 586 applications of which 77 per cent have been processed. The total value of grant applications submitted to be paid out is $759,969.41. Seventy-seven businesses have already received full payment of $3,000 each.

The Low Interest Loan Programme which is being funded by the Cayman Islands Development Bank has received 48 applications, representing 34 per cent of available funds.

Three hundred and thirty-eight persons have participated in 6 training webinars under the Technical Assistance Programme and Training Programme. Contracts have also been signed with technical assistants who will provide guidance and coaching. Of the 20 low-interest loan applications for which credit checks have been completed, 16 have been transferred to the technical assistants.

Interested persons are asked to contact the Centre for Business Development to learn more. 

Hotline:  244-8009; Email: CICBD@gov.ky.

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