EU small business grant scheme to be launched

Representatives from the Boosting Caribbean OCT Enterprises (COSME) initiative for small to medium sized enterprises (SMEs) visited the Cayman Islands recently and met with small business owners in the Chamber of Commerce conference room to provide information to local businesses and business support organisations (BSOs) interested in applying for the direct assistance grants.

The grant scheme is being funded by the European Union and provides direct grants assistance to identified actions in strengthening the operations of selected BSOs and SMEs in the 12 OCTs.

The 500,000 Euro grant scheme will be distributed in two phases in 2015 (200,000 Euros) and in 2016 (300,000 Euros). The maximum contribution of the EU per grant beneficiary is 12,000 Euros representing 70% of the total cost of the action supported.

The proposals submitted by the BSOs must be done in collaboration with at least four SMEs.

The Chamber of Commerce serves on the COSME stakeholder group and will provide regular updates and training on how to complete the application forms.

For detailed information about the programme click here.