Conister Bank continues to support the IOM Government with the extension of the Coronavirus Business Disruption Loan Guarantee and Working Capital Loan Arrangements.
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Conister Bank continues to support the IOM Government with the extension of the Coronavirus Business Disruption Loan Guarantee and Working Capital Loan Arrangements.
Following the Isle of Man Government’s announcement that it is extending both the Coronavirus Business Disruption Loan Guarantee (DLGA) and Working Capital Loan Arrangements (WCLA), Conister Bank is pleased to be the only bank supporting both facilities.
These agreements were created as the pandemic hit businesses.
The Treasury worked with the island’s banks to provide access to Government-backed loans through the Disruption Loan Guarantee Agreement (DLGA) opening up to £60m of new lending, 80% underwritten by the government and the Working Capital Loan Agreement (WCLA) providing up to £10m of new lending, 100% underwritten by the Government.
The DLGA is currently provided through Conister Bank, Lloyds Bank, Barclays Bank, HSBC, and RBS International (NatWest Isle of Man Bank).
The WCLA is provided through both Conister Bank and Santander International 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.
Both schemes have now been extended until 30th June 2021.
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