Tag: stimulous package
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 […]
$9M in grants and $5M in loans for small business
(CNS): Commerce Minister Joey Hew has announced a low interest loan programme for 100% Caymanian-owned micro and small businesses and a grants initiative for local businesses that could survive the immediate post COVID-19 economy. At Monday’s press briefing Hew outlined the first measures in a stimulus package that government plans to implement once the curfew […]
