Manx Financial Group PLC Further UK government-backed lending accreditation
Manx Financial Group PLC (LSE: MFX), the financial services group which includes Conister Bank Limited and Conister Finance & Leasing Limited (“CFL”), is pleased to announce its further accreditation from the UK government to support the SME market.
CFL has been accredited by the state-owned British Business Bank for the UK government’s Recovery Loan Scheme (“RLS”) to provide loans that will support businesses of any size to recover and grow following the disruption of the Covid-19 pandemic. The scheme will be available (subject to review) until 31 December 2021. The scheme provides the lender with a government-backed guarantee against 80% of the outstanding balance of the facility, whereas the borrower always remains 100% liable for the debt. Applications can be made for any business purpose, including working capital or investment, subject to eligibility criteria.
The accreditation under the RLS which follows CFL’s successful distribution of £40m through the Coronavirus Business Interruption Loan Scheme (CBILS) and Bounce Back Loan Scheme (BBLS) also administered by the British Business Bank.
Douglas Grant, the Group’s finance director, commented: “We are delighted to be able to continue backing SMEs via the RLS programme. This will provide the necessary catalyst many sectors require to thrive. We are pleased to see the Government look beyond the more obviously resilient markets as this scheme is designed to support those businesses adversely impacted by the pandemic, such as our hospitality and leisure sectors. Conister Bank Limited and CFL will continue to do all it can, working alongside the government and traditional lenders, to provide the necessary support.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU No. 596/2014) AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.