(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...
Read Full Story: https://caymannewsservice.com/2021/09/ci4-million-available-for-tourism-operators/
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