The Caribbean Development Bank (CDB, the Bank) is partnering with the Cayman Islands Centre for Business Development (CICBD) to strengthen the country’s Micro, Small, and Medium-sized Enterprises (MSMEs) through the creation of a data-driven national small business policy. With nearly USD 80,000 in grant funding from CDB, the initiative aims to enhance the business support ecosystem, foster inclusive economic participation, and drive long-term growth.

The new policy will focus on empowering women, youth, and entrepreneurs in non-traditional industries, while also improving business confidence and investment. It will serve as a foundation for ongoing dialogue between policymakers and the private sector, ensuring that the voices of entrepreneurs are heard and reflected in national development strategies.

Lisa Harding, CDB’s Division Chief, Private Sector, emphasised the Bank’s commitment to inclusive growth “CDB is proud to support this initiative, which aligns with our broader strategy to boost competitiveness, build resilience among MSMEs, and contribute to sustainable national development. Addressing the challenges faced by small businesses is key to economic diversification and fostering a thriving entrepreneurial ecosystem.”

Premier and Minister for Financial Services and Commerce, the Hon. André M. Ebanks MP, welcomed the initiative as a step toward realising the Government’s vision for a more dynamic business environment. “We are focused on creating the right conditions for Caymanian entrepreneurs to succeed—by reducing barriers, improving access to financing, and building resilience. This project supports our goal of ensuring MSMEs continue to play a vital role in job creation, innovation, and economic diversification,” he said.

Beyond policy development, the project will generate valuable insights into the contribution of MSMEs to Gross Domestic Product, employment, and revenue generation. It will also enhance the Government’s capacity to craft investment-friendly policies, improve service delivery by business support organisations, and promote greater inclusion of underrepresented groups.

The policy development process will leverage regional expertise and technical resources to conduct a comprehensive assessment of the current MSME landscape. It will identify key challenges, explore opportunities for expansion, and offer actionable recommendations to create a more enabling environment for small businesses to thrive.