Manx Financial Group PLC Government Lending Schemes (7522W)
21 August 2020 - 4:00PM
UK Regulatory
TIDMMFX
RNS Number : 7522W
Manx Financial Group PLC
21 August 2020
FOR IMMEDIATE RELEASE 21 August 2020
Manx Financial Group PLC (the "Company")
Government-backed lending appointments
Manx Financial Group PLC (LSE: MFX), the financial services
group which includes Conister Bank Limited ("Conister") and
Conister Finance & Leasing Ltd ("CFL"), is pleased to announce
significant Government approved appointments in the Isle of Man and
the UK.
In the Isle of Man, Conister have been working closely with the
Government to assist local businesses throughout the Covid-19
pandemic. In April, Conister joined the four major clearing banks
to offer the Disruption Loan Guarantee Agreement ("DLGA") with an
80% Government-backed indemnification of any loss. Subsequently,
the Isle of Man Government has launched a Working Capital Loan
Agreement ("WCLA") with an 100% indemnification of any loss. The
WCLA will provide a further safety net for those businesses who
cannot access working capital via their own bank or do not qualify
for assistance via the DLGA. Conister is currently one of only two
banks appointed to operate the WCLA facility and has set aside
GBP15 million to support both schemes. The schemes are open to new
and existing Conister customers and provide Isle of Man SMEs with
the chance to regain momentum following the downturn in trade as a
result of Covid-19.
In the UK, CFL has been accredited by the state-owned British
Business Bank ("BBB") for the Bounce Bank Loan Scheme ("BBLS") and
the Coronavirus Business Interruption Loan Scheme ("CBILS") to
provide loans to support the SME market. CFL has received a lending
allocation totalling GBP10 million for BBLS with a 100%
indemnification of any loss and a GBP6 million allocation for CBILS
with an 80% indemnification of any loss: both guarantees backed by
the UK Government.
Douglas Grant, the Group's Finance Director, commented:
"I am extremely pleased that two Group companies, Conister and
CFL, have been selected to provide Government-backed funding to
assist SMEs. It is clear that lenders such as ourselves are
recognised as a vital component in keeping the SME sector alive.
Even though this sector is in the front line of kick-starting the
economy, the larger clearing banks still appear reluctant to offer
the level of support required."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation No. 596/2014 on market abuse. Upon
the publication of this announcement via a Regulatory Information
Service, this inside information is now considered to be in the
public domain.
For further information, please contact:
Manx Financial Group Beaumont Cornish Limited Greentarget Limited
PLC Roland Cornish/James Dafina Grapci-Penney
Denham Eke, Chief Executive Biddle Tel +44 (0) 203 963
Tel +44 (0)1624 694694 Tel +44 (0) 20 7628 1887
3396
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contact rns@lseg.com or visit www.rns.com.
END
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