Helping businesses to raise capital

The Cayman Islands Centre for Business Development, which falls under the Ministry of Financial Services and Commerce, recently held a forum called Raising Capital, which was geared towards micro, small and medium sized businesses in Cayman to help them understand how to raise funding for their businesses. The Caymanian Times speaks with CICBD Director Thais Ducent about the event. First in a two-part series.

The Raising Capital Forum, held mid-June at Hotel Indigo aimed to help micro, small and medium-sized enterprises, entrepreneurs, and business owners start, grow, or scale their businesses. It was also designed to bring together financial institutions, investors, business leaders, and ecosystem partners to facilitate meaningful conversations and connections around access to finance.

Strong panel of experts

Ms Ducent said the Forum featured four panelists who brought diverse perspectives on business growth, investment readiness, fundraising, and capital management.

“Athena Nicole Smith, Founder and Broker of MOD Realty, was selected for her experience growing a successful real estate business. She shared insights on scaling a business, managing growth, and maintaining financial sustainability,” she advised. “CJ Moore, Owner of Moore Marine Group of Companies, was chosen because of his entrepreneurial journey building multiple successful Caymanian businesses across the marine, tourism, construction, and service sectors. His experience provided practical lessons on growth, resilience, cash flow management, and the role capital plays in business expansion.”

Ms Ducent said the organisers felt that both Athena’s and CJ’s journeys, lessons learned, and practical experiences would resonate strongly with the audience, particularly small business owners who were currently navigating their own growth and funding challenges.

The panel also consisted of Scott Sutherland who was selected for his experience advising and supporting emerging companies through fundraising, growth, and capital strategy. Having worked with startups and high-growth businesses across multiple sectors, he offered valuable insights into what makes a business truly investment-ready, she advised.

Michael Staniewicz, Founder and Chief Intelligence Architect of Cogniscent Learning, was chosen for his experience as a founder, innovator, and member of the Cayman Islands Venture Founders Society. His background in entrepreneurship, technology, and business development provided attendees with practical guidance on preparing businesses for investors and effectively communicating growth opportunities.

“Both Scott and Michael were selected because of their extensive experience helping businesses grow, secure funding, and prepare for investment,” Ms Ducent explained.  “Both have worked closely with entrepreneurs and understand what investors, lenders, and other funding partners look for when evaluating opportunities.”

In addition to the panelists, the Forum also showcased five entrepreneurs from CICBD’s Capital Quest Programme who were selected from a larger cohort as the businesses assessed to be the most investment-ready. These entrepreneurs presented live pitches to an audience. They were: Kenneth Adumekwe – YOMOKEN; Giovanni Myrie-Smith & Tony McInerny – Protect Our Water; Sara Mair Doak – Chef Sara’s Tings; Azuka Obi – Cayman Wastes; and Kevron Reid – CayMall.

“The live pitches provided an opportunity for the entrepreneurs to showcase their businesses, growth plans, and capital needs to an audience that included investors, financial institutions, business leaders, and ecosystem partners,” Ms Ducent stated. “While the pitches were not a competition, they were intended to help generate interest, create connections, and potentially open doors to future investment, funding, strategic partnerships, or mentorship opportunities. More importantly, they gave entrepreneurs a platform to put themselves and their businesses in front of individuals who may be able to support their next stage of growth.”

Barriers to raising capital

“Capital”, Ms Ducent advised, can take many forms, including personal investment, retained earnings, term loans, business lines of credit, and grants. In this context, capital refers to the financial resources businesses need to start, sustain, and grow. It includes start-up funding, working capital, expansion financing, equipment purchases, technology investments, market expansion, and any other growth-related needs, she said.

Some of the most common barriers to raising capital include inadequate financial records, weak financial management practices, and limited understanding of the funding options available, Ms Ducent said.

“Many businesses approach lenders or investors without sufficient business planning, strategic preparation, or a clear understanding of their financial position. Challenges such as poor cash flow management, limited collateral, and a lack of personal investment can also affect a business’s ability to secure financing. In addition, many businesses are not yet funding-ready or investment-ready when they seek capital and may struggle to demonstrate market validation, growth potential, or their ability to effectively utilise and manage additional funds,” she explained.

The Raising Capital Forum was specifically designed to help address many of these barriers that prevent businesses from successfully accessing financing. Through panel discussions, entrepreneur pitches, and direct engagement with financial institutions, investors, and business leaders, the Forum provides practical guidance on what lenders and investors look for, helps entrepreneurs better understand the funding landscape, and encourages stronger financial discipline, planning, and business readiness.

Find out how Cayman businesses can raise capital in next week’s second article in this series.