The Ministry of Commerce has signed a Memorandum of Understanding (MoU) with the Chamber of Commerce and the Cayman Islands Small Business Association (CISBA) to assess the challenges that face small and micro businesses in Cayman, and to produce an action plan within eight months to provide a stronger platform for their viability.

The MoU — which came into effect on Wednesday, 29 June — 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.

‘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’, said Minister for Commerce, Wayne Panton.

‘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’, he said

The MoU marks the latest effort by CISBA to impact local commerce. The group participated in the latest round of the student consulting programme at the University College of the Cayman Islands and staged the 2016 Small Business Expo with the Ministry’s support.

‘As an association run by local entrepreneurs, for small business owners, CISBA is pleased to be part of this public-private sector partnership’, said CISBA President Dawn McLean-Sawney. ‘By working with other key stakeholders, we hope to empower our peers and provide them with better tools to be successful’.

The viability of local entrepreneurs is a key concern for the Chamber, with approximately 65 percent of its membership consisting of small business owners.

‘One of our main missions is to support, promote and protect the interests of our members, especially those who own small businesses’, said Chamber President Paul Pearson. ‘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’.