News
Chamber of Commerce commends CIG on its Small Business Initiatives
The Chamber has commended the Cayman Islands Government on the initiatives that have recently been announced to support small and micro businesses in our community.
“We applaud the Ministry of Commerce, Planning and Infrastructure for taking action to implement these economic relief measures, which include low interest loans, technical assistance, training and grants,” Chamber President, Woody Foster said.
“The Chamber continues to strongly support all the lockdown measures put in place and urge all our members to remain fully compliant,” Mr. Foster added.
The Chamber has pledged to support the Government in promoting official messages to support COVID-19 prevention efforts and stands ready to provide any and all support necessary in the implementation of these, or any further, economic relief measures whether for the business community or individuals.
The announced economic relief measures are available for micro and small businesses, which are defined as follows:
· Micro business means a business that employs less than five persons, not including the owner and has an annual gross revenue of two hundred and fifty thousand dollars or less;
· Small business means a business that employs up to a maximum of twelve persons, not including the owner, and which has an annual gross revenue of up to seven hundred and fifty thousand dollars.
More information on the measures can be found at: https://www.exploregov.ky/coronavirus-business-guidance
The Chamber is developing a webinar, in collaboration with the Cayman Islands Centre for Business Development, in its free webinar series ‘Supporting businesses in a time of crisis’, to guide members and non-members through these measures.
