Cayman Islands Centre for Business Development Seeks Consultants for Small Business Policy Initiative
The Cayman Islands Centre for Business Development (CICBD) is actively soliciting consultants for a pivotal project aimed at gathering crucial data on the small business sector.
This initiative seeks to formulate policies that will dismantle existing barriers to growth, enhancing the contributions of local entrepreneurs to the economy while simultaneously creating employment opportunities.
The Caribbean Development Bank (CDB) is funding this research with a grant of nearly US$74,000, earmarked for market analysis and subsequent policy development.
Procurement documents reveal that, despite the significant role small to medium-sized enterprises play in revenue generation, there exists a pervasive “lack of comprehensive data” concerning operational businesses and their contributions to employment and economic progress.
This data deficiency complicates the establishment of targeted, effective interventions to bolster the sector.
Small businesses encounter unique hurdles, such as regulatory challenges stemming from a distinctive labor market, limited access to financial resources, inadequate digital infrastructure, and minimal adoption of risk management practices.
Additionally, the Cayman Islands, as a Small Island Developing State, faces significant vulnerabilities, including restricted natural resources, susceptibility to climate change, and a heavy reliance on tourism and financial services.
Given these challenges, economic diversification is deemed essential for fortifying resilience and achieving sustainable development.
The growth of the micro, small, and medium-sized enterprise (MSME) sector presents a vital avenue for the Cayman Islands to expand its economic landscape beyond its traditional pillars, thus aligning with government aspirations for an enhanced entrepreneurial ecosystem.
The CICBD has articulated that this data-informed small business policy will actively engage micro, small, and medium-sized enterprises in its formulation.
Stakeholders will be invited to participate in interviews, surveys, and focus groups designed to pinpoint gaps and elucidate best practices within the sector.
Thais Ducent, Director of the CICBD, emphasized the project’s alignment with the government’s strategic objective to foster a vibrant entrepreneurial environment.
“The government aims to cultivate conditions conducive to the success of Caymanian entrepreneurs by mitigating obstacles, enhancing access to financing, and reinforcing resilience,” she stated, underscoring the importance of enabling meaningful contributions to job creation, innovation, and economic diversification.
Among the project’s objectives, the evidence-based policy framework will delineate strategies to bolster the business support ecosystem, promote wider economic participation, including for women, youth, and non-traditional industries, and enhance business confidence and investment.
This framework aims to create a platform for ongoing interaction between policymakers and entrepreneurs.
Lisa Harding, Division Chief of the Private Sector at CDB, reiterated the bank’s commitment to fostering inclusive growth and resilience among small enterprises.
“Addressing the challenges faced by small businesses is fundamental to economic diversification and cultivating a thriving entrepreneurial landscape,” she remarked.
Consultants or policy experts who meet eligibility criteria are invited to submit Expressions of Interest (EOI) through the procurement website, showcasing their qualifications and relevant experience to fulfill these services. The deadline for EOI submissions is set for 10 October 2025.
Source link: Caymannewsservice.com.
