The Cayman Islands Development Bank (CIDB) is now offering two loan programmes – one tailored for persons who own small- and/or medium-sized enterprises (SMEs) with proven track records for at least two years; and the other for civil and public servants who want to consolidate their high-interest rate debt.

'As a development bank, CIDB's primary role is to provide financing that promotes and facilitates Cayman's economic and social development', said the bank's CEO and General Manager, Tracy Ebanks.

'This means that CIDB's lending guidelines are geared toward clients such as SME owners, who need the capital but may have some difficulty in obtaining it; as well as to civil and public servants, as a segment of the population that CIDB wants to reach'.

Ms Ebanks also pointed out that CIDB's SME programme complements those that are offered by commercial banks.

'For example, with the SME loans, CIDB can provide bridge financing that ultimately can lead to increased business for commercial banks', she said.

CIDB is regulated by the Cayman Islands Monetary Authority. Ms Ebanks noted that the bank's mandate includes carefully managing lending risks, and that prospective clients must meet the bank's terms and conditions.

Minister of Financial Services Wayne Panton said he is very pleased that Government's commitment and support to CIDB has resulted in CIDB being able to return to its core function of a development bank, which has allowed it to offer additional products for businesses and individuals.

'These programmes have been structured in such a way as to maximise the assistance we can give, while not imperilling the bank's financial stability through bad decision making, as had been the case under the previous administration', he said. 'CIDB's management team, supported by a new board and the bank's credit committee, have done excellent work to enable these new loan programmes, which enhance Government's already strong initiatives'.

For business owners, these initiatives include reductions in licensing fees, duty costs, and the benefit of CUC duty reductions, among others. For individuals, the ability to refinance high interest loans enhances initiatives that support and encourage personal financial stability, such as the Managing Personal Finances sessions that he and Minister Marco Archer launched in August.

'It is wonderful to be able to help our small-business community succeed and prosper, but it is perhaps more gratifying to be able to help at least some individuals who are struggling with heavy debts', Minister Panton said.

'We have heard many people tell their stories about how they landed in hardships, and they are as difficult to hear as they are to tell.  What these stories very clearly point out is the need for lending institutions to offer affordable rates where possible, and the need to teach and encourage prudent money management across socioeconomic and age levels', he said.

Ms Ebanks encouraged persons who are interested in either of these loans programmes to call 949-7511 and book appointments with bank staff, as walk-ins will not be accepted.

Specific terms and conditions of the programmes are as follows.  

SME Loan Programme

Maximum loan amount


Interest rate

10% (during interest only, if applicable)

Loan term

1-year term, interest only; thereafter, repayable via bullet payment at the end of the year (refinancing) OR blended monthly payments, with maximum 7-year amortisation on loan amounts more than $85,000 loans under  5 year amortization @ 8%

Debt-service coverage

EBITDA 1.25% cover

Loan application fee

1.5% of loan amount

Security           requirements

Dependent on type and loan usage (e.g., real estate 85% LTV; margins against receivables/inventory/stock)


2 years in operation, with proven track record;
business must be 100% Caymanian owned


Depending on the type of business, special covenants may apply

Civil and Public Servants Loan Programme

Maximum loan amount


Interest rate


Loan term

Maximum 6 years (Example: $20K @ 10% for
6 years = $370 monthly payment)

Debt-service coverage

Not to exceed 50%

Loan application fee


Direct loan deposit

Employer remits monthly loan payment directly to CIDB

Security           requirements

Unsecured. In the event the existing loan for payout is secured, the CIDB reserves the right to hold the security

Eligibility requirements

Full-time pensionable employee; loan term cannot exceed retirement age

Basic application requirements

Current job letter with pay slip attached          
2 forms of valid identification
1 utility bill confirming address


No money down

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