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Since its inception just one year ago, the Cayman Islands Centre for Business Development has created a significant impact on the community. In May, the Centre became part of the new Ministry of Investment, Innovation and Social Development. The Hon. Minister André Ebanks said that the Centre has played a vital role in supporting Cayman Islands businesses which have been harmed by the Covid-19 pandemic, through grants, stipends, loan approvals in conjunction with the Cayman Islands Development Bank, and vital technical support. 

In April 2021, 16 participants were chosen for a two year business incubator program. These are existing small businesses across numerous sectors that are able to avail of the Centre's resources, facilities and expertise, while benefitting from a formalised program of business training.

Minister Ebanks commended the Centre's incubator support for nascent start-up businesses and its broader efforts, saying 

"It is my earnest hope that in the near future, Cayman's entrepreneurs will join ranks with the likes of successful global businesses that were fueled by founding entrepreneurs with a driving passion and vision. We are fortunate that digital technology offers a myriad of possibilities for Caymanians to overcome real life barriers and participate in the global economy, in ways that were never before possible." 

In commenting on the Centre's potential impact, Althea West-Myers, Director of the Centre, stated: 

"Entrepreneurship is a tool that can have a widespread, long lasting impact in its ability to empower people. The Centre's work focuses on creating an enabling environment for small business in the Cayman Islands. It uses a particular combination of advocacy, guidance, mentoring and structured training to nurture small businesses in their vulnerable early phases, so that they can truly reach their potential -- here and globally."

Ms. West-Myers added that the Centre is involved in wider advocacy and strategic efforts to create an enabling regulatory environment for small business in the Cayman Islands. She also noted that the Centre actively seeks partnerships, saying:

"The Centre's incubator participants benefit immensely from interacting with the abundance of talented professionals in our community. No one should underestimate the value of time given by a seasoned entrepreneur to aid and inspire the founders of start-up companies: The synergies that result from this form of mentoring are mutually beneficial." 

Information about the Centre for Business Development
The Centre aims to: 
*    Drive economic prosperity by improving small business viability and sustainability through advocacy, business counselling, training and increasing access to finance.
*    Be Cayman's leading provider of comprehensive business development services, excelling at promoting the growth of small businesses in the global marketplace. 
*    Improve and prove the economic value of small businesses in the Cayman Islands

Over the past year, the Centre played a key role in aiding businesses who have been affected by Government's response to Covid-19, particularly through the border closure.  A total of Cayman Islands $8.96 million in grants were awarded to 1802 small and micro businesses over two phases, in addition to CI$1.35 million in stipends.