CDB supports new initiative promoting small business growth in Cayman Islands’ MSME Industry

The Caribbean Development Bank (CDB) is collaborating with the Cayman Islands Centre for Business Development (CICBD) to bolster the growth of the nation’s Micro, Small, and Medium-sized Enterprises (MSMEs) by developing a data-informed national small business strategy. A CDB  media statement said that the bank contributed approximately USD 80,000 in grant support.  The aim is to strengthen the support framework for businesses, promote inclusive economic participation, and stimulate sustained economic development.

The CDB said that this new strategy will prioritize empowering women, youth, and entrepreneurs venturing into unconventional industries, alongside boosting investor confidence and encouraging investment. It will lay the groundwork for ongoing dialogue between policymakers and the private sector, ensuring entrepreneurs’ perspectives are integrated into the country’s development agenda.

Lisa Harding, the Division Chief of the Private Sector at CDB, highlighted the Bank’s dedication to promoting inclusive growth: “CDB is proud to support this initiative, which aligns with our broader strategy to boost competitiveness, build resilience among MSMEs, and contribute to sustainable national development. Addressing the challenges faced by small businesses is key to economic diversification and fostering a thriving entrepreneurial ecosystem.”

Premier and Minister for Financial Services and Commerce, the Hon. André M. Ebanks MP, described the initiative as a move toward achieving the Government’s vision of a more vibrant business climate.“We are focused on creating the right conditions for Caymanian entrepreneurs to succeed—by reducing barriers, improving access to financing, and building resilience. This project supports our goal of ensuring MSMEs continue to play a vital role in job creation, innovation, and economic diversification,” he said.

In addition to shaping policy, the project will provide critical insights into how MSMEs contribute to Gross Domestic Product, employment levels, and revenue streams. As outlined in the release, it will also bolster the Government’s ability to formulate investment-friendly policies, improve service delivery by business support organizations, and advance greater inclusion of marginalized groups.

The development process will incorporate regional expertise and technical resources to thoroughly evaluate the current MSME environment. It will pinpoint major obstacles, explore growth opportunities, and offer practical recommendations to cultivate a more supportive setting for small business success.