Small businesses to get access to free office space.

| 23rd February 2021 | 0 Comments

The government is offering micro and small businesses free office space, for up to two years. The program was started to encourage entrepreneurship in The Cayman Islands. The business owners are being invited to apply to the Ministry of Commerce for a space. 20 businesses will be selected to use the space next month.

The office will be located at the Cayman Islands Centre for Business Development, Baytown Plaza, West Bay Road in George Town. As well as an office space, participants will be given access to laptops, office equipment, in-house business advisors, strategic development support and a special advisory panel.

Commerce Minister Joey Hew mentioned that the programme will identify, nurture and train Caymanian entrepreneurs to make this sector more globally competitive.

“This aligns well with the Unity Government’s priorities to support small and micro businesses to succeed and also to diversify the economy and support growth in new market sectors. Under this program, entrepreneurs will be provided with access to equity capital, the opportunity to expand markets, and given an opportunity to network with like-minded entrepreneurs through mentorship and training sessions,” 

Minister Joesph “Joey” Hew MP.

CICBD Director Althea West-Myers said the incubator programme is an extension of the Centre’s existing business mentoring programme.

“It is targeted towards entrepreneurs with high growth potential. We are aiming to harness the creativity of local entrepreneurs to create innovative, sustainable businesses with the potential to employ significant numbers of people and increase global competitiveness.” 

CICBD Director Althea West-Myers.

Officials from the office said that they are looking for applicants from a wide range of sectors, including Software development, animation, media and other innovations.

The Incubator is open to all existing micro and small businesses, along with brand new startups. They must have a growing market base and provide evidence that they have been able to attract users and made sales of their product or service.

In addition to the identified sectors, businesses must be a registered  enterprise that is at least 60% Caymanian-owned; have a viable product that has been or is ready to be market tested; and have been actively engaged in the entrepreneurial community for at least six months. the owners must also be willing to allow monitoring and evaluation of thier enterprise for impact assessment for up to 24 months after the close of the programme.

You can apply for the programme here. You can also visit the CICBD office in the Baytown Plaza or email CICBD@gov.ky for more information.

Category: Community News

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