Coronavirus Loan Agreements
The Isle of Man Disruption Loan Guarantee Agreement and the Coronavirus Business Working Capital Loan Agreement are COVID-19 financial support initiatives launched by Isle of Man Government.
Isle of Man Disruption Loan Guarantee Agreement
The Agreement is supported by the Isle of Man Government and five of the Island's commercial banks and was introduced in response to the financial challenges facing businesses as a result of the coronavirus pandemic.
HSBC, Lloyds, Barclays, Conister Bank and RBSI (including Natwest and the Isle of Man Bank) will be supporting up to £60million of new lending, 80% of which will be underwritten by the Isle of Man Government.
The Agreement will support overdraft and term-lending facilities of up to £500,000 as well as asset financing facilities. The Agreement, which is for Isle of Man registered businesses with a turnover of up to £10million, will also enable eligible businesses to access six year term loans with Isle of Man Government-backed guarantees.
For more information about this Agreement, please visit the its page on the COVID-19 site.
Coronavirus Business Working Capital Loan Agreement
The Agreement will support up to £10million of new lending, 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 Disruption Loan Guarantee Agreement.
The Agreement is initially available through Conister Bank and Santander International with 100% of the credit facilities provided underwritten by the Isle of Man Government.
The Agreement will support overdraft and term-lending loan facilities of up to £250,000 for a minimum term of three years and a maximum term of seven years. The Agreement, which is for Isle of Man registered businesses with a turnover of up to £10million, will enable eligible businesses to access seven year term loans with Isle of Man Government-backed guarantees.
For more information about this Agreement, please visit its page on the COVID-19 site.
