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Small businesses concerned over cost of finance

Small businesses concerned over cost of finance

Small businesses concerned over cost of finance
24 Jul

(CNS Business): The president of the Cayman Islands Small Business Association (CISBA) has said that financial institutions are setting up entrepreneurs for failure because of the cost of loans. This was one of a number of issues that Dawn McLean-Sawney raised with the new minister for commerce, Joey Hew, when he visited the offices recently. 

McLean-Sawney said small businesses need better concessions on loans to make payments viable.

She told the minister that other difficulties that the small business sector faced included inadequate funding, too much red tape, securing venues to set up businesses, as well as challenges based on definitions of micro (1-3 employees) and small (4-10 employees) businesses in provision of employee benefits.

McLean-Sawney also said the small business sector needed more incentives, including a reduction in fees such as Customs and Trade and Business Licence fees, and encouragement for more women, especially single mothers, and retirees to be able to become small business owners.

After the visit Hew said it was an excellent opportunity to hear about the challenges entrepreneurs are facing.

“Government’s involvement, happily, does not end with merely providing annual grants to CISBA but also to follow their progress and jointly find ways to tackle and help find solutions to issues they face,” he said.

Hew, who is a former president of the CI Chamber of Commerce and a business owner, gave no indication whether he would be able to address the issues raised by McLean-Sawney, but he and his fellow Progressives spoke about their intention to help the small business community on the campaign trail.

CISBA, which currently has 120 members, was created to advocate for policies that are beneficial to local small businesses as well as to support and promote entrepreneurial spirit.