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Disruption Loan Guarantee Agreement exceeds £1.5 million

Government support scheme helps secure 216 jobs

Government says it has provided £1.5 million worth of support via the Disruption Loan Guarantee Agreement.

The scheme, set up to provide financial support to those affected by Covid-19, has helped secure 216 jobs for local businesses since its launch in April.

The agreement offers overdraft and term-lending facilities for Manx registered businesses with a turnover of up to £10 million.

It enables access to six-year-term loans with government-backed guarantees, and is supported by Barclays, Conister Bank, HSBC, Lloyds and RBSI -including Natwest and the Isle of Man Bank.

Enterprise Minister Laurence Skelly said: "The banks and the Isle of Man Government are continuously listening to the business community’s concerns and as a result, this week the agreement’s eligibility criteria has been extended to include additional sectors".

"I’d also like to take this opportunity to thank the banks, who for the last two months have worked tirelessly to support both the local business community and consumers during this unprecedented period."

The Chamber of Commerce is offering a free-to-use ‘Business Advisory Service’, providing guidance to businesses applying for the agreement.

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