Gef’s Daily Roundup

Amendments made to Business Support Loans

Two loan agreements which support Manx businesses that have been impacted by the COVID-19 pandemic by providing access to working capital, have been amended to allow greater flexibility for businesses and partner banks.

The Disruption Loan Guarantee Agreement (DLGA) provides up to £60 million through five of the Island’s commercial banks, 80% of which is underwritten by the gov.

The Working Capital Loan Agreement (WCLA) provides credit facilities of up to £10 million, 100% of which is underwritten by the gov, which acts as a further safety net for those businesses who cannot access working capital via their banks or do not qualify for assistance via the Disruption Loan Guarantee Arrangement.

Both agreements have been amended to provide the ability to consolidate existing (COVID) business debts, being crown debts, utilities, suppliers but not directors loans/unregulated lending/other bank debts etc. and only those debts accumulated since March 2020.

These changes will be made shortly and further information will be made available at: https://covid19.gov.im/businesses/funding-support/ 

Treasury Minister Alf Cannan said: ‘These arrangements have so far supported 102 businesses with loans totalling £5.5m – and supporting over 900 jobs. The purpose of these amendments is to recognise that businesses need a longer period over which to fund accumulated cash flow pressure arising from Covid-19.’

Latics 

Former Isle of Man junior player, Dean Pinnington, who has signed his first professional contact with Wigan Athletic. The 18 year old joined the Latics from Wolverhampton Wanderers earlier this year but had been on the radar of Wigan’s Academy Manager since he was 14 and Wigan were in the process of signing another Isle of Man player, Adam Long. Dean attended the IOMFA Centre of Excellent from age 10 and represented the Isle of Man until he was 15. He was invited to trial at Everton when he was 12 before an opportunity arose at Wolves. The 18-year-old was part of the squad that helped Latics U18s retain the Professional Development League North title, before becoming Professional Development League National Champions in May.

Support Cav

Don’t forget that this Sunday you can cheer on Manx cyclist Mark Cavendish as he seeks to win the final stage of the Tour de France on the Champs-Élysées. a fan zone is being created at the Villa Marina Gardens in Douglas, so locals and visitors can gather to watch his trademark sprint finish on a big screen. Cyclists are also invited to take part in a safe and inclusive procession to the fan zone which will start at the National Sports Centre, where Mark began his racing career as a young boy.  People are asked to arrive with their bike at 2.30pm before the procession gets under way at 3pm with a lap of the raceway. It will then be led under police escort and flanked with experienced riders to the fan zone with cyclists asked to wear green, the colour of the sprinters’ jersey, but children under the age of eight (Year 4) cannot take part. The ITV4 coverage will be screened live in the Villa Marina Gardens from 2pm and shots of the procession will also be relayed on the big screen so those not taking part can still watch the spectacle. A number of local businesses will provide food and drink and bike parks will be created, meaning parking for cars will be extremely limited.

European Floods

Horrific scenes in Europe as floods have left at least 120 people dead and hundreds more unaccounted for after some of the worst flooding in decades.  Record rainfall caused rivers to burst their banks, devastating the region.  In Germany, where the death toll now stands at over 100, Chancellor Angela Merkel called for a determined battle against climate change.  Belgian media is reporting 22 deaths there. The Netherlands, Luxembourg and Switzerland are also affected.

Petrol Up in UK

Petrol prices have climbed to their highest level in almost eight years, says motoring organisation the AA. Average prices have hit 133p a litre, it says, almost 20p higher than in November. Diesel prices are also up. The rise comes as families fill up the tank for summer getaways. Rival motoringbody the RAC is forecasting an exceptionally busy summer on UK roads. The increase in fuel costs comes after a steady rise in oil prices and has added to fears of rising inflation. Oil prices have risen over the past year from about $43 a barrel to more than $70 now.

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