Conister Bank, the island’s local bank, continues to support Manx residents by setting aside £10m to provide crucial funding allowing businesses to survive and continue to trade despite the adverse effects of COVID-19.
As the island embraces its second lockdown, creating a further wave of uncertainty, Conister Bank continues as a participating lender for both of the Government-backed schemes, Isle of Man Disruption Loan Guarantee Agreement (DLGA) and the Coronavirus Business Working Capital Loan Agreement (WCLA).
The Isle of Man Government has agreed to extend both its support of the Isle of Man Disruption Loan Guarantee Agreement and Coronavirus Business Working Capital Loan Agreement until 31st March 2021. These agreements were originally introduced to provide up to £60million under the DLGA and £10m under the WCLA, through a series of lenders, in response to the financial challenges facing local businesses affected by COVID-19.
Douglas Grant, Managing Director commented “We have spoken to many local business owners, existing and new customers, who are overwhelmed and concerned with the impact financially associated with COVID-19. Working in partnership with the Government-backed schemes has allowed us to help provide these business owners with an urgent, affordable cash flow provision which can be the difference between make or break.
Many people have never experienced or planned for this situation and we want to reassure the community that we’re here to help you and your business through this difficult time. If you have been affected financially by COVID-19 or simply wish to understand whether you qualify for a working capital loan, we’re here to help, please get in touch.”