The Isle of Man Disruption Loan Guarantee Agreement, a COVID-19 financial support initiative launched by the Isle of Man Government last week, is now supported by five of the Island’s commercial banks.
The Agreement, introduced in response to the financial challenges facing businesses as a result of the coronavirus pandemic, will see HSBC, Lloyds, Barclays, Conister Bank and RBSI (including Natwest and the Isle of Man Bank) support up to £60 million of new lending, 80% of which will be underwritten by the Isle of Man Government.
The Agreement will support overdraft and term-lending facilities of up to £500,000 as well as asset financing facilities. The Agreement, which is for Isle of Man registered businesses with a turnover of up to £10million, will also enable eligible businesses to access six year term loans with Isle of Man Government-backed guarantees.
Laurence Skelly MHK, Minister for Enterprise, commented:
‘I am delighted that five commercial on-Island banks are offering this support package, which will enable our local businesses to continue to trade through these uncertain times.
‘The Agreement forms part of a wider package of support already announced by the banks on Island over the past several weeks and is a welcome boost for our Island businesses at this difficult time. The banks have already received over 100 applications in the last week.’
To find out more about the Isle of Man Disruption Loan Guarantee Agreement, please contact your bank directly to discuss.
To find out more about the financial support schemes for businesses and individuals affected by Coronavirus, please visit the Funding and Support page.