The $50,000 that was available to applicants, who had to be Caymanian and members of the CISBA, has come from the public purse and the winners were selected by a panel that included two CISBA members, two people from government and two people from the private sector. However, it is not clear what the criteria were for the selection, and the association has not explained why they will not identify who received the cash.

“We are sorry but at this time we are not in the position to identify the businesses,” a spokesperson for CISBA told CNS.

The CISBA said in a press release that the applicants’ “commitment to making a positive impact” on the community was seen in their passion for their businesses and the products and services they were offering.

Commerce Minister Joey Hew said the partnership demonstrated government’s commitment to help small business access funding.

“We will continue to lend out support to this initiative as small businesses are pivotal to driving the economy and development,” he said as he urged financial lending institutions to also support local entrepreneurs.