Commerce ministry signs deal to support small businesses
Chamber of Commerce President Paul Pearson, Commerce Minister Wayne Panton and CISBA President Dawn McLean-Sawney
(CNS Business): Government is aiming to produce an action plan within the next eight months to help make small and micro businesses in Cayman more viable. Following the signing of an MOU with Cayman Islands Small Business Association and the local Chamber of Commerce, Wayne Panton, the minister with responsibility, explained that the goal was to assess the challenges faced and come up with solutions. “Government realises the importance of the entrepreneurial spirit in Cayman and this MoU is part of our ongoing efforts to create a better environment for small businesses to flourish,” he said.
In a release from his ministry about the plans, Panton said, “As we seek to further improve our commerce framework, it is important that Government and members of the business community work together to ensure that there is an efficient and effective platform for business.”
This Memorandum of Understanding (MoU) with the Chamber of Commerce and the Cayman Islands Small Business Association (CISBA) came into effect last month and it outlines various responsibilities for all three entities, including public consultations, with the resulting assessment guiding the development of an action plan to address areas of concern for small business owners.
The CISBA said its association was run by local entrepreneurs for small business owners, so it was pleased to be part of the public-private sector partnership. President Dawn McLean-Sawney said, “By working with other key stakeholders, we hope to empower our peers and provide them with better tools to be successful.”
Meanwhile, with nearly two thirds of its members being small business owners, the Chamber President Paul Pearson said the viability of local entrepreneurs was a key concern for the industry body.
“One of our main missions is to support, promote and protect the interests of our members, especially those who own small businesses,” Pearson said. “They create new jobs and diversify the economy with innovative products and services. We look forward to working alongside the Ministry and CISBA to introduce strategies that will highlight the importance of small and micro businesses in Cayman.”
Category: Local Business, Small Business
