Chamber News Article

Jersey Chamber of Commerce

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Category: Financial  Local Business News  States of Jersey

Government backed loan scheme for local businesses

Mar 30, 2020

The Government of Jersey is launching a loan guarantee scheme to provide additional financial support to local businesses facing disruption as a result of the Covid-19 outbreak.

The scheme has also been agreed in coordination with the Governments of Guernsey and the Isle of Man.

The scheme will be operated through clearing banks who lend to local businesses in Jersey. The scheme intends to support viable businesses with access to government backed borrowing of between £5,000 and £500,000.

Jersey Business are providing guidance and support to local businesses who require it in preparing to make an application for a loan under the scheme.

Businesses with an existing relationship manager should use those ordinary channels of communication with their bank. Where support is required, businesses should proceed to the Jersey Business website

Ian Gorst, the Minister for External Relations, said, “It is imperative that in these unprecedented times we are able to support our local businesses who require access to finance. The business disruption loan guarantee scheme is one of a number of measures introduced to help support local businesses and people during these difficult times. We are proud to have worked with banks locally and across the Crown Dependencies to bring this scheme into effect.”

Government of Jersey News Release.

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