Conister announces government-backed lending increase
On 21st August 2020, Manx Financial Group PLC (LSE: MFX), the financial services group which includes Conister Bank Limited (“Conister”) and Conister Finance & Leasing Ltd (“CFL”), announced details of its significant government approved appointments to provide government-backed funding to SMEs both in the Isle of Man and the UK. This included a Disruption Loan Guarantee Agreement and Working Capital Loan Agreement in the Isle of Man and the British Bank Loan Scheme and the Coronavirus Business Interruption Loan Scheme (“CBILS”) in the UK.
The Group is now pleased to announce that CFL has received approval for an increase in its lending allocation for CBILS to £15m. The CBILS have an 80% indemnification for any loss and are guaranteed by the UK government.
Douglas Grant, the Group’s finance director, commented: “I am extremely pleased that CFL has been selected to provide additional government-backed funding to assist SMEs as it is clear that lenders such as ourselves continue to be recognised as a vital component in keeping the SME sector alive.”
