The Isle of Man Disruption Loan Guarantee Agreement, a COVID-19 financial support initiative launched by the Isle of Man Government, has provided £1.5million worth of support and helped secure over 200 jobs for local businesses since its launch in April.
The Agreement, introduced in response to the financial challenges facing local businesses as a result of the coronavirus pandemic, is supported by Barclays, Conister Bank, HSBC, Lloyds and RBSI (including Natwest and the Isle of Man Bank).
The Agreement supports overdraft and term-lending facilities for Isle of Man registered businesses with a turnover of up to £10million and will enable eligible businesses to access six year term loans with Isle of Man Government-backed guarantees.
Laurence Skelly MHK, Minister for Enterprise, commented:
‘This vital funding will enable our local businesses to continue to trade and ensure local jobs are safe throughout these uncertain times. To date, the banks have received 108 applications, sanctioned over £1.5million worth of facilities and helped secure 216 local jobs.
‘The banks and the Isle of Man Government are continuously listening to the business community’s concerns and as a result, this week the Agreement’s eligibility criteria has been extended to include additional sectors. I’d also like to take this opportunity to thank the banks, who for the last two months have worked tirelessly to support both the local business community and consumers during this unprecedented period.’
The Isle of Man Chamber of Commerce are also offering a free of charge ‘Business Advisory Service’, which offers mentoring and guidance to businesses looking for assistance in completing the relevant applications for the Agreement.
To find out more about the Isle of Man Disruption Loan Guarantee Agreement, please contact your bank directly to discuss or visit the Isle of Man Disruption Loan Guarentee Agreement webpage.