CTO Chairman wants Stronger Partnerships between Banks and Small Businesses

CTO Chairman wants Stronger Partnerships between Banks and Small Businesses

Photo Courtesy: Marketplace Excellence

Chairman of the Caribbean Tourism Organization (CTO) Kenneth Bryan has amplified the pivotal role of small- and medium-sized enterprises (SME) in the Caribbean’s economic landscape, highlighting their significance in generating jobs, fostering innovation, and contributing substantially to the region’s Gross Domestic Product (GDP).

Delivering a profound message at the Caribbean Association of Banks (CAB) Conference held in Trinidad last week, the Minister of Tourism and Ports for the Cayman Islands called for enhanced bank support for these businesses, noting small business loans account for less than 30 percent of bank loan portfolios across the region.

The theme for this year’s CAB Conference was “Embracing Change and Building Resilience In a Dynamic Environment”.

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Among its key events was a SME Workshop and Marketplace focused on “Nurturing a Big Business Mindset for Your Small Business Success”.

Minister Bryan’s appearance underscores his commitment to bolstering the Caribbean tourism sector and the Cayman Islands’ economic resilience and prosperity.

The CTO Chairman shared staggering figures from the Caribbean Development Bank: MSMEs represent 70-85% of Caribbean businesses, contributing 60-70% to GDP.

Furthermore, he noted that they account for about 50 percent of total employment, and an impressive 40% of these businesses are woman-owned, emphasizing the sector’s role in fulfilling the United Nations Sustainable Development Goals.

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A significant challenge that small businesses face is accessing financing.

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