£500 financial support available to assist businesses to access finance

Financial support of up to £500 is now available for businesses who would like to take advantage of the two COVID-19 Loan Agreements, operated by the Banks and guaranteed by Government, and require access to accountancy services to complete their application.

The Disruption Loan Guarantee Agreement and Working Capital Loan Agreement were created in response to the financial challenges facing businesses as a result of the Coronavirus pandemic, to provide overdraft and term loans to businesses who require additional working capital support outside of that available through traditional bank terms.

As a supplementary measure, the Isle of Man Government has announced access to a one-off grant of up to £500 to help eligible businesses who would like to engage with an accountancy firm to support with their application to either of the Agreements, and will be paid whether or not the application is successful.

Dr Alex Allinson MHK, Minister for Enterprise, commented:

‘Following consultation with industry it became clear that many businesses would benefit from consultation with professionals in the accountancy sector to support them through the application process for these Loan Agreements.

‘This additional funding will help to ensure that businesses are able to access accountancy services, and can engage with professionals who will help review their financial situation and determine whether either of the loan options available would be beneficial for cash flow and financial planning based on their individual circumstances.

‘The continued commitment from our local banks demonstrates their support of our economy to help businesses to trade through periods of difficulty, and the Department is keen that businesses who need it are able to take full advantage of the support available.’

Businesses are encouraged to contact the Enterprise Support Division if they need access to funding for accountancy services in line with the loan applications either by email at enterprisesupport@gov.im or by telephone on 687333.

Applications for credit facilities should be made through one of the participating banks and further details on eligibility are on the COVID-19 website.

More information on each of the Loan Agreements can be found by visiting the following links:

Disruption Loan Guarantee Agreement: https://covid19.gov.im/businesses/funding-support/disruption-loan-guarantee-agreement/

Working Capital Loan Agreement: https://covid19.gov.im/businesses/funding-support/working-capital-loan-agreement/

This additional support forms part of a suite of new and extended measures announced by the Economic Recovery Group on 2^nd December 2021 to support local businesses.