The Business Disruption Loan Guarantee scheme has been expanded to allow all local businesses to apply. Business facing disruption due to the COVID-19 outbreak can apply to access loans or overdrafts of between £5,000 to £500,000.
Under the scheme, the Government of Jersey guarantees 80% of the lending, which allows banks to offer credit to more businesses. All local businesses will be eligible to apply for the scheme, regardless of their business activity or sector.
A range of banks are able to lend under the scheme, including Barclays, HSBC, NatWest International, Santander International, and Lloyds International.
Minister for Treasury and Resources, Deputy Susie Pinel, said: “We are committed to supporting local businesses through these unprecedented times. While we have already launched support for payroll costs, the expansion of the Business Disruption Loan Guarantee Scheme will allow businesses to access support for their other costs.
”I’d like to thank all my colleagues, both in Council of Ministers and in the Department for Economic Development, for their support and hard work in developing this much-needed scheme.”
To access the scheme, businesses should talk to Jersey Business or their bank. Jersey Business can provide a range of assistance to businesses, including preparing the necessary information to access the scheme.
More information is available on the Jersey Business website, www.jerseybusiness.je.
Government of Jersey News Release.