Another bank will support an upcoming new financial scheme to help businesses during the COVID-19 pandemic.
Santander International is set to become a participating lender in the Coronavirus Business Working Capital Loan Agreement which was announced in the revised budget statement for the year by Treasury Minister, Alf Cannan MHK, last month.
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 that cannot access working capital via their banks or do not qualify for assistance via the Coronavirus Disruption Loan Guarantee Agreement.
It means Santander International joins Conister Bank as the two lenders under the initiative.
Full details of the scheme are being finalised, and a further announcement will be made when the Agreement’s arrangements are in place.