MOT Launches Grant Programme for New Tourism Products

2 September 2024 | Press Release | By: Gina Matthews

GRAND CAYMAN, Cayman Islands (2 September, 2024) The Ministry of Tourism and Ports (MOTP) is pleased to announce the launch of a new initiative - the Visitor Experience Development Grant (VEDG) - which is designed to increase Caymanian participation in the tourism industry, and expand the range of products and services available to tourists.

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 installments over a three-month period, and conditions are in place to ensure that the funds are used solely for the approved purpose intended.

Hon. Kenneth Bryan, Minister of Tourism and Ports, expressed his support for the programme saying, “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. 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, including:

  • eco/nature/wildlife tours
  • cultural and heritage activities
  • food and agricultural experiences
  • wellness and spiritual retreats
  • accessible tourism options
  • volun-tourism, film/photography tours
  • soft 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.

Eligibility Criteria

To be considered for a grant under the VEDG programme, applicants must meet the following criteria:

  • The business must be 100% Caymanian-owned, with all owners and employees being Caymanians.
  • The business must 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 tour, 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.

Application Process

The VEDG programme is open to receive applications 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.

The application form begins with an initial question, which asks applicants to confirm that the business is 100% Caymanian-owned and staffed.

The remainder of the application is categorised in the following manner:

  1. Section A: Business Details
  2. Section B: Contact Details
  3. Section C: Grant Utilisation

Applicants may then submit their application form, which will be subjected to the review process set out below.

Review Process

  1. Initial Application: 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.
  2. Interview and Assessment: 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.
  3. Final Selection: 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.

Grant Details

  • Grant Amount: Up to CI$50,000 per successful applicant.
  • Disbursement: Funds will be disbursed in installments over three months, based on the provision of quotes or invoices for expected expenses.
  • Monitoring: Successful applicants will be required to participate in a small business orientation workshop and submit documentation to demonstrate the proper use of funds.

Further Information

For more information on the Visitor Experience Development Grant Programme, including how to apply, please visit www.ourcayman.ky/VEDGP or contact the Ministry of Tourism and Ports by email at MOT-Requests@gov.ky

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