Caymanian entrepreneurs now have access to a development grant of up to CI$50,000 to fund the establishment of new tourism ventures.
The Ministry of Tourism and Ports (MOTP) initiative called The Visitor Experience Development Grant (VEDG) is designed to increase Caymanian participation in the tourism industry and expand the range of products and services available to tourists.
Hon. Minister of Tourism and Ports, Kenneth Bryan, the driving force behind the scheme said: “This initiative spearheaded by the MOTP represents a crucial step in our strategy to diversify and enhance the Cayman Islands tourism offerings. The VEDG programme not only supports the development of unique and authentic experiences, but also outlines a clearly defined gateway for enterprising Caymanians to enter the tourism industry.”
According to the ministry, the VEDG programme aims to encourage Caymanian entrepreneurs to create new and authentic visitor experiences to expand the islands tourism product offerings and give tourists a wider range of things to do during their time on Island.
“Recognising that access to capital is often a major barrier for entrepreneurs wishing to establish a new business, the development grant will provide up to CI$50,000 per successful applicant, to fund the establishment of new tourism ventures. Grants will be disbursed in instalments over a three-month period, and conditions are in place to ensure that the funds are used solely for the approved purpose intended,” it stated.
By providing funds for innovative new ideas, we are not only enhancing our destination’s appeal but also helping to create sustainable income streams for Caymanians, which ultimately contributes to the economic growth and sustainability of our islands.”
Support from the VEDG programme will focus on promoting new experiences in a variety of categories. These include: eco, nature and wildlife tours; cultural and heritage activities; food and agricultural experiences; wellness and spiritual retreats; accessible tourism options; ‘volun-tourism’, film and photography tourus; and sft adventure activities.
Additionally, the programme also encourages activities tailored to the luxury market, as well as those designed for children, seniors or disabled visitors, and activities that can be enjoyed at night.
“By providing funds for innovative new ideas, we are not only enhancing our destination’s appeal but also helping to create sustainable income streams for Caymanians, which ultimately contributes to the economic growth and sustainability of our islands,” Mr Bryan added.
To be considered for a grant under the VEDG programme, the business must be 100% Caymanian-owned, with all owners and employees being Caymanians, and offer new and innovative experiences targeting international visitors.
Applicants must comply with relevant statutory requirements, including the Trade and Business Licensing Act and other applicable regulations. Watersports, land tours, and transportation operators must hold the necessary Public Transport Unit (PTU) Licenses. Only one application per Caymanian person for a single business will be accepted.
The application process for the VEDG programme is open for a four-week period commencing on Monday 2nd September 2024. Interested parties must complete the online application form available at www.ourcayman.ky/VEDGP in order to submit their proposals to the Ministry of Tourism. The closing date for the receipt of applications is 30th September 2024.
Applications will be reviewed and scored by a panel of representatives from the MOTP and the Department of Tourism (DOT) based on a defined scoring matrix.
Shortlisted applicants will be invited for an interview with the Cayman Islands Centre for Business Development (CICBD) to assess the financial and technical viability of their proposed business concepts. The final scores will be determined based on the combined application and interview scores.
Grants will be awarded to the highest-scoring applicants, subject to the availability of funds. Funds will be disbursed in installments over three months, based on the provision of quotes or invoices for expected expenses.Successful applicants will be required to participate in a small business orientation workshop and submit documentation to demonstrate the proper use of funds.
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