CIIB & CIDB to co-operate
The Cayman Islands Investment Bureau (CIIB) and the Cayman Islands Development Bank (CIDB) – 2 governmental agencies providing assistance to entrepreneurs and small business owners are planning to work more closely together.
The CIIB is an agency offering help and advice to business owners. The CIDB is a government institution providing business loans, mortgages and other financial products to those who may not be able to secure financing elsewhere. Both agencies are going to integrate the services offered to their users and customers.
The partnership builds on existing links between the CIIB and the CIDB. In accordance with both agencies, integrating their services more would allow Cayman businesses to get off the ground quicker or expand further into new areas. The staff of the CIIB have had training sessions with the CIDB in order to learn more about the support and financial services offered by the institution to small businesses.
Also, the CIIB intends to assist the customers of the CIDB in building the business plans and proposals to secure funding from the bank.
According to Dr Dax Basdeo, the Executive Director of the CIIB, local small business owners and entrepreneurs have become more sophisticated than previously, and that many go on applying for funds from the CIDB without having even a simple business plan at their disposal.
He also pointed to a group of local business people offering mentoring and early-stage financing to small businesses, which is called the CIIB-affiliated Angel Investor Network.
Ralph Lewis, the general manager of the CIDB, suggested that the partnership with the Cayman Islands Investment Bureau would be beneficial for the bank’s appraisal and analysis process, and the CIDB will be able to respond to applications more efficiently.