Isle of Man Government officially opened applications for the Coronavirus Business Working Capital Loan Agreement (‘WLCA’) on Monday, which provides Isle of Man businesses with a further method of COVID-19 financial support.
The scheme provides up to £10million of working capital lending to local businesses who have been adversely affected by COVID-19, and has been created in direct response to the financial challenges facing businesses as a result of the coronavirus pandemic.
The WCLA forms part of a wider catalogue of financial support provided by the Isle of Man Government, which includes the Disruption Loan Guarantee Agreement (DLGA); launched in April of this year, following the initial outbreak of coronavirus. The Working Capital Loan Agreement is specifically for businesses that cannot access working capital via their banks and provides a further safety net for those businesses who cannot access working capital via their banks or do not qualify for assistance via the DLGA.
The agreement is supported by Conister Bank and Santander International, and provides loans of up to £250,000 with Isle of Man Government-backed guarantees for 100% of the loan.
Alfred Cannan, MHK, Treasury Minister, commented:
‘We understand that many businesses are still struggling financially as a result of the pandemic and it is important that we continue to support those businesses who need to access financial support and lending. The support of this scheme from both Conister Bank and Santander is very welcome, and shows a significant commitment to the Island’s business community.’
James Geldart, Managing Director of Santander International Isle of Man, commented:
‘We are proud to be participating in the Working Capital Loan Arrangements to assist local businesses during this challenging time. This marks our entrance into the sector on the Island and we look forward to expanding our SME proposition in the near future.’
Douglas Grant, Managing Director of Conister Bank, added:
’As the Island’s only local bank, we remain committed to helping the island’s businesses and people both directly and in conjunction with the government through these difficult times.’
The Working Capital Loan Agreement Scheme is now in place and businesses who are interested in applying for capital under the scheme should contact either Conister or Santander International:
Conister Bank: https://www.conisterbank.co.im/
Santander International: https://www.santanderinternational.co.uk/