Topic: Cayman Islands Development Bank

The Cayman Islands is about to get its first small business policy as both the government and private sector explore new SME financing options.

Caymanian families are being offered low-interest mortgage deals to buy homes or avoid foreclosures on existing properties.

Premier Alden McLaughlin urged micro- and small-business owners to take advantage of government’s grant and loan programmes, as the response to the relief measures, announced by Commerce Minister Joey Hew in April, still remains below expectations.

The Cayman Islands Development Bank is prepared to offer eligible businesses loans of up to $100,000 under relaxed terms and conditions during the current...

The Cayman Islands Development Bank continues to struggle with borrowers not paying back money loaned to them, as more than half of the institution’s loans were delinquent at the end of 2017.

The Cayman Islands auditor general has revealed the government entities with the largest financial losses, stating that most – if not all of them – cannot continue operating without significant future taxpayer support.

A government-funded development bank held $19.9 million in delinquent loans as of last year, according to a report provided to the Legislative Assembly. The Cayman Islands Development Bank reported to the Legislative Assembly in its financial statements for June 30, 2015 that its delinquent loans had risen from $18.3 million to nearly $20 million in one year.

The Cayman Islands Development Bank has posted a net profit of about $53,000 in its 10-month interim results compared to a loss of nearly $670,000 in the previous full year.