Tag: Cayman Islands Development Bank
CIDB rolls out cut-rate 30-year home loans
(CNS): The Cayman Islands Development Bank (CIDB) has begun lending money to Caymanians to buy their own homes as low as 3.75% interest. These low mortgage rates on 30-year loans for qualified borrowers, significantly below the current prime rate, are fixed for two years and government hopes it will help more local people get onto […]
Cross-ministry approach planned to tackle homes crisis
(CNS): At least four ministries from the PACT Government will be involved in a wide number of plans and policies aimed at tackling the emerging housing crisis impacting Caymanians from all walks of life, as the real estate sector has created an unsustainable situation relating to property prices across the Cayman Islands.
Small businesses are not getting help
I am a Caymanian with a small business with two employees. I tried to get this (Cayman Islands Development Bank) loan. OMG what a nightmare! My business is service oriented so I don’t have any real assets. I buy clothes and jewelry and resell or make costume jewelry.
Bank needs collateral for cheap loans
(CNS): The Cayman Islands Development Bank is offering 1% interest loans with “excellent terms and conditions” to small businesses as part of the government’s economic recovery package. However, borrowers will still need to provide an acceptable form of “security to be held as collateral for the loan”, the bank’s CEO and director, Tracy Ebanks, told […]
More business owners seek CIDB cheap loans
(CNS): The low interest loan programme offered by the Department of Commerce and Investment through the Cayman Islands Development Bank has seen a slight increase in applications recently, according to Premier Alden McLaughlin, who said that 65 applications with a value of CI$2.2 million have been made from the $5 million available. The cheap loan […]
Bank’s law is barrier to small business loans
(CNS): The law governing the Cayman Islands Development Bank appears to be a barrier to small businesses accessing low-cost government-guaranteed loans to help them weather the COVID-19 economic challenges. Some CI$5 million has been set aside to fund a low-interest loan programme through the government-owned bank but uptake has been very low. So far, only […]
Development Bank has $16+M in bad debt
(CNS): The Cayman Islands Development Bank continues to battle a mountain of bad debt that represents more than half of its entire loan portfolio. According to the Office of the Auditor General (OAG) the bank’s financial statements showed it holds more than $16.3 million in loans that are not being repaid. The bank received one […]
Auditor general warns SAGCs are under strain
(CNS): Well over half of all statutory authorities and government companies that are managed as autonomous public sector entities are running at a loss and under considerable strain, the auditor general has warned. Sue Winspear said more than eight SACGs had ended the last five years with deficits in contravention of the Public Management and […]
CIDB loans for public servants and small businesses
(CNS Business): The Cayman Islands Development Bank (CIDB) has introduced two loan programmes, one designed for small- and medium-sized enterprises (SMEs) with proven track records for at least two years, and the other for public sector workers who want to consolidate their high-interest rate debt. Wayne Panton, the minister responsible for financial services and commerce, said […]
