Santander International to support Isle of Man’s Coronavirus Business Working Capital Loan Agreement
The Agreement will provide up to £10million of working capital lending to local businesses adversely affected by COVID-19. The scheme is specifically for businesses in the Isle of Man that cannot access working capital via their banks or do not qualify for assistance via the Isle of Man Coronavirus Disruption Loan Guarantee Agreement.
We will join Conister Bank in providing the facilities, and it is the first time Santander International has entered the SME lending market on the Island.
Laurence Skelly, MHK, Minister for Enterprise commented:
‘The decision by Santander International to expand their proposition in the Isle of Man to include funding for businesses is most welcome as they enter the provision of services to the Isle of Man SME market for the first time.
‘This increases customer choice and adds to their well-established reputation on Island. The support for the local economy provided by both Conister Bank and Santander International is appreciated, especially as we work towards supporting greater economic stability and helping those businesses who need it most.’
Santander International’s Managing Director, James Geldart, commented:
‘We are very pleased to accelerate our entry into the SME market at a time when local businesses are facing significant challenges. We are proud to be working with the Treasury and wider Isle of Man Government to help people and businesses on the Island, both now and in the future.’
John Hunter, Head of Banking and Fiduciaries added:
‘It has been a pleasure working with Santander over the last few months, both supporting them with their new proposition to market, while also strengthening their representation in the Isle of Man. The WCLA is important in delivering more working capital to those businesses who really need it, and without the support of Conister Bank and Santander International we could not have made this happen.’
Full details of the scheme are being finalised, and a further announcement will be made when the Agreement’s arrangements are in place.