Santander International has announced it will be supporting the Coronavirus Business Working Capital Loan Agreement ('WCLA') as a participating lender.
The Agreement will provide up to £10million of working capital lending to local businesses adversely affected by COVID-19. The scheme is specifically for businesses that cannot access working capital via their banks or do not qualify for assistance via the Coronavirus Disruption Loan Guarantee Agreement.
Santander International will join Conister Bank in providing the facilities, and it is the first time the international bank is entering the SME lending market on the Island.
Laurence Skelly, MHK, Minister for Enterprise, commented:
'The decision by Santander International to expand their proposition in the Isle of Man to include funding for businesses is most welcome.
'This increases customer choice and adds to their well-established reputation on the Island. The support for the local economy provided by both Conister Bank and Santander International is appreciated, especially as we work towards supporting greater economic stability and helping those businesses who need it most.'
Santander International's Managing Director, James Geldart, commented:
'We are very pleased to accelerate our entry into the SME market at a time when local businesses are facing significant challenges. We are proud to be working with the Treasury and wider Isle of Man Government to help people and businesses on the Island, both now and in the future.'
John Hunter, Head of Banking and Fiduciaries for Finance Isle of Man, added:
'It has been a pleasure working with Santander International over the last few months, both supporting them with their new proposition to market, while also strengthening their representation in the Isle of Man. The WCLA is important in delivering more working capital to those businesses who really need it, and without the support of Conister Bank and Santander International we could not have made this happen.'
Full details of the scheme are being finalised, and a further announcement will be made when they Agreement's arrangements are in place.