Disruption Loan Guarantee Scheme launches

Wed, 01 Apr 2020

The Manx Government has announced the launch of the Isle of Man Disruption Loan Guarantee Scheme.

The Scheme has been introduced in response to the financial challenges facing businesses as a result of the coronavirus (COVID-19) pandemic, and will see the Island’s commercial banks supporting up to £60 million of new lending, 80% of which will be underwritten by the Isle of Man Government.

Similar schemes have also been introduced across Jersey and Guernsey.

The scheme, which will initially be implemented by HSBC, Lloyds, Barclays, Isle of Man Bank and Conister Bank, will support overdraft and term-lending facilities as well as asset financing facilities.

To find out more about the Isle of Man Disruption Loan Guarantee Scheme, please contact your Bank directly to discuss.