Following the meeting of Parliament's Finance Committee in March 2022, the Ministry of Investment, Innovation and Social Development announces a resumption of the business stipend and asset grant program for Wildlife Interaction Zone (WIZ) Land and Watersports Operators, and the Other Tourism-related micro and small businesses. New funding of $4.9 million will be paid as a continuation of these programmes and will be disbursed through the Cayman Islands Centre for Business Development (CICBD).
Supplementary funding for these grants and stipends was approved by Parliament to ensure the survival of various tourism related businesses until tourism numbers return to more sustainable levels following the reopening of the borders.
Businesses previously approved under the programmes will not be required to submit new applications; however a verification process will be utilized to determine the existence of assets to be claimed for.
New applicants will be admitted to the Other Tourism-related stipend programme beginning Thursday, 14 April 2022. The application window will remain open for two weeks with the deadline for submission of new applications being Friday, 6 May 2022.
The funds must be used directly in support of business expenses and businesses will be required to provide proof that funds were utilized for the allowable expenses under the programme.
The Centre for Business Development executed a successful program of stipend payments in 2021, providing financial support to small businesses involved in watersports and land tours, micro and small business owners in the transport and restaurant sectors, all of which were affected adversely by the absence of tourism in the Cayman Islands between March 2020 and November 2021.
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