CI$50k up for grabs for new tourism ideas

(CNS): The tourism ministry is offering a grant of up to $50,000 to Caymanians who come up with new, original, authentic visitor experiences to help expand the attractions and things for tourists to do when they visit the Cayman Islands. The Visitor Experience Development Grant (VEDG) is designed to increase local participation in the tourism industry, and as capital can be a major barrier for entrepreneurs with a new business idea, the cash will help with the start-up.

In a press release announcing the initiative, officials said the grants would be disbursed to qualified candidates in instalments over a three-month period, and conditions are in place to ensure that the funds are used solely for the approved purpose.

Tourism Minister Kenneth Bryan said the initiative represents a crucial step in the strategy to diversify and enhance the Cayman Islands’ tourism offerings.

“The VEDG programme not only supports the development of unique and authentic experiences but also outlines a clearly defined gateway for enterprising Caymanians to enter the tourism industry,” he said. “By providing funds for innovative new ideas, we are not only enhancing our destination’s appeal but also helping to create sustainable income streams for Caymanians, which ultimately contributes to the economic growth and sustainability of our islands.”

The programme will focus on promoting new experiences in various categories, including eco/nature/wildlife tours, cultural and heritage activities, food and agricultural experiences, wellness and spiritual retreats, accessible tourism options, volun-tourism, film/photography tours and soft adventure activities. It also encourages activities tailored to the luxury market, as well as those designed for children, seniors or disabled visitors, and activities that can be enjoyed at night.

To be considered for a VEDG grant, the business must be 100% Caymanian-owned, with all owners and employees being Caymanians. The business must offer new and innovative experiences targeting international visitors. Applicants must comply with relevant statutory requirements, including the Trade and Business Licensing Act and other applicable regulations.

Watersports, land tours and transportation operators must hold the necessary Public Transport Unit (PTU) Licences.

Only one application per Caymanian person for a single business will be accepted. Applications can be made for the next four weeks until 30 September. Interested parties must complete the online application form here to submit a proposal.

The application form begins with an initial question, which asks applicants to confirm that the business is 100% Caymanian-owned and staffed. The remainder of the application is divided into the business details, the use of the grant and contact details.

Applications will be reviewed and scored by a panel of representatives from the ministry and the Department of Tourism based on a defined scoring matrix. Shortlisted applicants will be invited for an interview with the Cayman Islands Centre for Business Development (CICBD) to assess the financial and technical viability of their proposed business concepts. The final scores will be determined based on the combined application and interview scores. Grants will be awarded to the highest-scoring applicants, subject to the availability of funds.

Successful applicants will be required to participate in a small business orientation workshop and submit documentation to demonstrate the proper use of funds.

See here for more information on the Visitor Experience Development Grant Programme, including how to apply or email MOT-Requests@gov.ky