CI$4 million available for tourism operators

| 07/09/2021 | 30 Comments
Cayman News Service
Stingray City during peak tourism

(CNS): Micro and small businesses that offer tourism related services and have been impacted by the border closure are being offered a new kind of grant to help them protect their assets and remain afloat until the sector recovers. Some watersports and tour operators have slipped through the net when it comes to the payout of government cash over the last year and a half, but now $4 million has been made available to those in this sub-sector of the tourism industry.

Minister for Investment, Innovation and Social Development André Ebanks said in a release that the tourism stipend had been a lifeline and this new type of support is aimed at local business owners to maintain the viability of their businesses and preserve critical assets.

“Water sports and land tour businesses are integral to the Cayman Islands’ tourism offering and small business environment and have significantly suffered the consequences of the many months of border closure,” he said.

Finance Committee voted last week to approve the money, and in the coming weeks Ebanks and the ministry staff will be considering other types of help for the smaller commercial operators and working on criteria to target those in need, the release said.

Eligible Caymanian-owned businesses will receive a monthly business stipend of around CI$750 and relevant “asset preservation grants” up to CI$1,200, initially for three months, to aid in maintenance and retention of assets, such as boats, jet skis and horses. The money will used for payments like loans, insurance, repairs and servicing fees.

Applications will be processed and approved by the Cayman Islands Centre for Business Development. This operates under the Ministry of Investment, Innovation and Social Development, which has already approved 2,253 grants since the border closed totalling about $8.5 million.

To apply for a small tourism business stipend, download the details and application form here
or email Grant.CICBD@gov.ky for help or more information.


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Category: Business, Tourism

Comments (30)

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  1. Bertie : B says:

    Unfortunately every country around the world have been arguing many similar points brought up here . All of this because China wanted to play around with nature . They have caused this disaster . They have billions of people arguing amongst each other as they sit on their ass and claim it came from elsewhere. China wants to rule the world , and as it stands right now they might pull it of . The world must wake up and make the ones that caused this Pay Dearly . Move the worlds anger where it belongs .

  2. Anonymouse says:

    All the arseholes making negative comments have NO idea how hard it is to keep going or holding on to a business which has had no customers for over a year. Shut up and be thankful you have jobs. No business owner who was previously making good money wants to take a $10 an hour job or can afford to. Why should they. Watersports is one of the main operations when we have tourists. Its the reason a lot of people come here.

    • Anonymous says:

      Yes!

    • Anonymous says:

      A responsible person takes whatever job they can to pay bills while their main source of income is shut down. That’s what we did and we’re not happy about it but at least we have food on the table.

      • Anonymous says:

        We are all doing what we can but it does not replace our income nor cover the costs.

      • Fed up says:

        Yes most of us are doing what we can to survive but we have mortgages loans bills to pay etc. If we lose our homes and go to NAU you will whinge about that too. We are losing our livelihoods so the likes of you can be safe. Stop judging. You have no clue what some are going through.

    • Anonymous says:

      @7.59am – so you think the Government should support your failing business? What else should the Government do for you?

    • Get busy Living says:

      I disagree with this post.
      Life changes and when events occur which are outside of your control you make the best of what’s available.
      I earn a good living now but if my industry were to disappear I would be prepared to pivot and take the best job that I could. That includes the service industry. I would be willing to take on a position for which I was overqualified but you can be I’d be plotting and planning on how to improve my position in life. That might include working my way up through the ranks; educating myself for another role; joining with others for a new venture and so on.
      Life doesn’t wait for people who sit and feel sorry for themselves.
      I say get busy trying.

  3. Anonymous says:

    Business owners do NOT need financial support. That is why you are a business owner, you save for bad days.
    The employees are the ones that need the help.

    • Anonymous says:

      you don’t save for 2 years being forced out of business by government

      • Anonymous says:

        @11:21

        While I sympathize with how your business has been negatively impacted. It’s not as a result of CIG, but a result of Covid.

    • Anonymous says:

      No one can save for 2 years, especially on the prices clients want to pay!

  4. Anonymous says:

    Hopefully DCI will advise on all watersport businesses that are not really owned by Caymanians but fronted! Ask for the underlying shareholder agreements. It’s time we get this right! They are supposed to be provided to DCI.

    • Anonymous says:

      The DCI has refused to do anything about fronting for decades. They are facilitating crime and money-laundering. It is a freaking outrage, but no one faces any accountability. Carry on.

  5. Anonymous says:

    For what? Sticking plaster. These businesses are not worth propping up at the cost of millions – spend the money getting them re-entered into the workforce elsewhere. These businesses are not coming back. Forget low wage tourism… it adds nothing to the economy.

  6. Anonymous says:

    Stipends here, asset preservation grants (whatever the hell that means) there, money getting thrown about everywhere.

  7. Anonymous says:

    The photo with this article is exactly the tourism product we don’t want back. Limit capacity at the sandbar.

  8. Anonymous says:

    Handout capital of the world.

  9. Anonymous says:

    Too little. Way too late.

  10. Mikey says:

    and everyone was sold on get Vax so we can get back to normal LOL

    • Anonymous says:

      Problem is, the hold outs who keep getting free money to not have to show up to work.

    • Anonymous says:

      Sadly, the “normal” they were trying to get back to was mainly about making money for the few who don’t really need it versus withholding from and rationing to the many that do. All oligarchy dynamics, folks.

  11. Anonymous says:

    What’s the code for keeping beer in the fridge stipend?

  12. Anon says:

    Will there be a stipend for employees of places like walkers who are mandated to take the vaccine and then incur financial cost to do the test every week? Why not? People who engage in a business assume risk. Times change. Low wage tourism should be forgotten about. Those people should be retrained.

    • Anonymous says:

      No because you are choosing (stupidly I might add!) to not get the vaccine. These tourism operators had no choice and have had their businesses shut down involuntarily!!

    • Anonymous says:

      LMAO Get back to work.

  13. Anonymous says:

    thought we wuz re-opening in a few weeks????

    • Anonymous says:

      Nope. Not fully. Quarantine has to be kept. There will be tourism business, but from the long stay market.

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