Ten unnamed small businesses get public cash

| 26/08/2019 | 26 Comments
Cayman News Service

(CNS): The Cayman Islands Small Business Association has handed out ten grants to local micro and small commercial operations of up to $5,000 as part of its partnership with government. The businesses involved have not been identified, though a spokesperson for the CISBA said that four of them are start-ups, five existing operations that are expanding and one grant was given to what was described as “a project”.

The $50,000 that was available to applicants, who had to be Caymanian and members of the CISBA, has come from the public purse and the winners were selected by a panel that included two CISBA members, two people from government and two people from the private sector. However, it is not clear what the criteria were for the selection, and the association has not explained why they will not identify who received the cash.

“We are sorry but at this time we are not in the position to identify the businesses,” a spokesperson for CISBA told CNS.

The CISBA said in a press release that the applicants’ “commitment to making a positive impact” on the community was seen in their passion for their businesses and the products and services they were offering.

Commerce Minister Joey Hew said the partnership demonstrated government’s commitment to help small business access funding.

“We will continue to lend out support to this initiative as small businesses are pivotal to driving the economy and development,” he said as he urged financial lending institutions to also support local entrepreneurs.


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Category: Business, Small Business

Comments (26)

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  1. JTB says:

    One for the auditor general….

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  2. Anonymous says:

    nothing more reassuring than hearing about public funds being distributed to unknown people for unknown purposes.

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  3. Anonymous says:

    I’ve just started a new business… where’s my $5k. I’ve had to pay rent on a shop for three months whilst the totally and utterly useless banks, and ridiculous CIG deemed me worthy to open an account and give me a T&B license. This is not transparent and should be part of the deal that if you get public money the public get to know. It’s effectively state sponsored enterprise and we all know how that ends up… also, should these businesses now report for their AML that they are subject to PEP that have an indirect influence over their operations…. certainly one to ponder… if ever we knew who received the cash.

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  4. Anonymous says:

    Maybe this was to ensure the owners supported the port.. The head of the Small Business unit has been on Radio promoting it..

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  5. Anonymous says:

    Disgusting lack of transparency. CISBA has lost my support hands down and I hope many others follow suit. There is no excuse for secrecy when public money is being used by any organization. None at all. Smells like the nation building fraud-asco all over again. I only hope the recipients step up and disclose their awards or if not, I for one would never support them or their businesses for perpetuating the appearance of impropriety!!!

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  6. Anonymous says:

    How come they can’t advertise this program and then publicly announce the “winners.” This would be easy and you could have a photo op The way they are doing it implies the public would get all excited if they knew where the money went. Unfortunately, once again many other conclusions can be imagined. There is no need for this. Stop being like this.

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  7. Anonymous says:

    This sounds like a great use of monies. But, without transparency it should be stopped and not allowed to happen again. This government just does not understand the need for the people to know what they are doing.

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    • Anonymous says:

      It’s not just this government, Mac stopped the press briefings before they could become traditional. The political and public traditions being established now will be toxic for decades. Most depressing is the realisation that we probably won’t get a real choice of something better in 2021 anyway so what’s the point being outraged at all.

  8. Anonymous says:

    I support giving grants to small businesses but I also support government transparency.

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  9. Anonymous says:

    Disgusting! This is blatant vote buying!

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    • Anonymous says:

      If that’s what you think then just buy a slightly used fridge off my business partner. Have a seat hoss.

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  10. Anonymous says:

    Can’t beat giving thousands of public money to specific churches on islands whose constitution permits you to follow any or no religion.

    Separate the church from our LA.

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  11. Anonymous says:

    Without the required transparency, this just looks like another vote buying slush fund, which is a shame because it might actually be a good thing. We just don’t know.

    Joey?

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  12. Anonymous says:

    Ummm so they just selected people or was this advertised or anything to people?

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  13. anon says:

    I note one grant has been paid out to a “project” and four to “start ups” – is there any oversight of these distributions of taxpayer’s money or does it just disappear into the beneficiary’s bank account.

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  14. Anonymous says:

    Long live Nation Building!

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  15. Anonymous says:

    What does she mean ‘not at this time’? The selection process and (public) cash distribution has been done.

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    • Anonymous says:

      She means they haven’t decided if they will release the names yet, or, they will release the names but they’re concerned that a simple list wouldn’t stand scrutiny and they haven’t decided how to dress it up.

    • Aforbes says:

      Nor, any other time.

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