The Ministry of Investment, Innovation and Social Development has launched a new phase of business stipends, totaling CI$2.0 million. A successful pilot programme in September and October, allocated through the Centre for Business Development, provided support for businesses involved in watersports and land tours.
While those grants were targeted specifically towards asset preservation for such businesses, the new phase of grants is targeted at a wider array of small and micro business owners - and will be offered in the form of a single stipend. These entities, including transport businesses and restaurants, have been affected adversely by the absence of tourism in the Cayman Islands.
Minister André Ebanks announced the new stipend, stating: "The impacts of a prolonged closure of the Cayman Islands' borders in 2020 and 2021 have fallen disproportionately on small businesses whose bottom line largely depends on tourism. These businesses play a vital role in the nexus of our tourism offering and our economy, so this phase of the stipend programme will aid their efforts to prepare for tourism to return."
This programme aims to ensure the survival of various tourism related businesses in anticipation of the borders re-opening. The stipends will again be processed through the Centre for Business Development. It is a one-time payment. Funds must be used directly in support of business expenses, and other criteria must be fulfilled.