Business
Government-backed lending increase
Government-backed lending increase.
About this update from Manx Financial Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 6064L\n Manx Financial Group PLC\n 14 January 2021\n \n \n \n \n \n FOR IMMEDIATE RELEASE 14 January 2021\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Manx Financial Group PLC (the \"Group\")\n \n \n \n Government-backed lending increase\n \n \n \n \n \n On 21st August 2020, Manx Financial Group PLC (LSE: MFX), the financial services group which includes Conister Bank Limited (\"Conister\") and Conister Finance & Leasing Ltd (\"CFL\"), announced details of its significant Government approved appointments to provide Government-backed funding to SMEs both in the Isle of Man and the UK. This included a Disruption Loan Guarantee Agreement and Working Capital Loan Agreement in the Isle of Man and the British Bank Loan Scheme and the Coronavirus Business Interruption Loan Scheme (\"CBILS\") in the UK.\n \n \n \n \n \n The Group, through CFL, is now pleased to announce that CFL has received approval for an increase in its lending allocation for CBILS to £15 million. The CBILS have an 80% indemnification for any loss and are guaranteed by the UK Government.\n \n \n \n \n \n Douglas Grant, the Group's Finance Director, commented: \n \n \n \n \n \n \"I am extremely pleased that CFL has been selected to provide additional Government-backed funding to assist SMEs as it is clear that lenders such as ourselves continue to be recognised as a vital component in keeping the SME sector alive.\" \n \n \n \n \n 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.\n \n \n \n \n \n \n For further information, please contact:\n \n \n \n \n \n \n \n \n Manx Financial Group PLC\n \n \n Denham Eke, Chief Executive\n \n \n Tel +44 (0)1624 694694\n \n \n \n \n Beaumont Cornish Limited\n \n \n Roland Cornish/James Biddle\n \n \n Tel +44 (0) 20 7628 3396\n \n \n \n \n Greentarget Limited\n \n \n Dafina Grapci-Penney\n \n \n Tel +44 (0) 203 963 1887\n \n \n \n \n \n \n \n \n \n \n \n \n This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Pr...