Jersey Finance has welcomed the introduction of a government-backed loan scheme, to be delivered through clearing banks in the island and designed to offer financial support to local businesses during this challenging period.

The Government of Jersey has worked closely with local banks to deliver the scheme, which will offer businesses who meet certain criteria, and who are in need of financial support as a result of the COVID-19 pandemic, access to government backed borrowing of between £5,000 and £500,000.

Joe Moynihan, Chief Executive, Jersey Finance said:

“I’m pleased that the banking sector here has been on the front foot and worked so effectively with Government to deliver a complex solution so quickly to those businesses who need it most. It should remove some of the uncertainty local businesses are now faced with and will enable banks who might not otherwise have been able to provide lending facilities the ability to do so.

“This is a good demonstration of ways in which the industry is currently supporting the local community and I would encourage all businesses who may be experiencing problems to contact their banks to discuss their options as soon as possible.”

More information on the scheme is available here, and more about how Jersey’s finance industry is responding to the coronavirus pandemic is available here.