Editorial: A helping hand for small business

If you’ve been a regular listener to the daily government press conferences, you would surely have heard the Premier warning that we are in for a tough ride that will not be coming to an end in the immediate future.

That must be a tough pill to swallow for anyone, much less owners or employees of small and micro businesses. Many of these businesses have shut their doors wondering if they will ever open again.

It was heartening to hear Commerce Minister Joey Hew earlier this week announce a $14 million package to assist many of these vulnerable enterprises. As a publication whose genesis stems from business and employment matters, we, at Caymanian Times, applaud the Minister and the Government’s efforts to provide some type of support for these businesses, some on the verge of total collapse. It was, indeed, our editor at the press conferences, who insisted that we heard measures to support small businesses.

While the Government’s efforts should be applauded, their efforts here are by no means a magic wand to save these entities from collapse during this time of global crisis. It will be a good time for our Caymanian entrepreneurs to take stock of their business models and ensure they have a workable plan toward success and longevity.

It is important to note that previous efforts by Government to assist small and micro enterprises was met with a lukewarm, if not frigid response. This time with many owners seeking a way to keep their doors open, it would be great to have them not only financially from the grants but also from the technical expertise offered so that when we start to recover, we can proudly say that small businesses are the backbone of the economy going forward.