Government Solutions for Small Business

With small business owners needing support to “stay afloat” while wider commercial activities regain momentum during this rebuilding phase, Government is in the process of organizing a loan plan specifically geared towards small business owners.

This was communicated to small business representatives at the Business Recovery Planning forum held on last Monday (25 October), at the offices of the Cayman Islands Development Bank (CIDB). The Department of Employment Relations also participated.

At the meeting, Government and Banking Officials heard the grievances and concerns of small business owners in the community who suffered the effects of Hurricane Ivan. In turn, the officials provided useful planning andoperational insights to guide the small business owners on the road to recovery.

During the session, participants representing a wide range of business types detailed a number of experienced losses. The losses ranged from equipment and furniture, to intellectual property and Internet communication. Other issues discussed by participants were needed advice on appropriate procedures for employee layoffs at this time, in addition to devising how to keep business advertising going.

Led by Mr. Hecton Hemans, Head of Credit & Marketing at CIDB, the forum also enabled participants to view the hurricane experience as one to learn from in terms of business practices and strategies. The importance of record keeping, and the maintenance of insurance, regardless of whether they have a loan, was emphasized. Maintaining back up, or having several copies of stored computer data located off-site was also highlighted as critical business practice changes that should be considered going forward.

In discussing assistance to alleviate immediate financial needs, small-business owners, women in particular, expressed concerns that they may be overlooked by commercial banks. Mr. Phillip Scott, Deputy Director of Employment Relations, who was on hand as a resource person, pointed out surveys indicating that women make up the majority of small business owners in the Cayman Islands.

Mr. Dax Basdeo, Executive Director of the Cayman Islands Investment Bureau, who currently functions as direct liaison to the Business Subgroup of the Cayman Islands Recovery Operation, concluded by noting an assessment of needs. These included short-term and more urgent requests such as Internet access, and bridge loans, and long-term remedies such as training in business and marketing planning.

CIDB representatives at the forum, including Rodger Braham, Financial Controller, promised that the organization would continue to make its services and resources available to the small business sector to ensure that recovery is achieved with minimal dislocation.