Isle of Man Bank says it has experienced a year-on-year increase in the value of lending it is providing to the small and medium sized business community in the Isle of Man.
The managing director of Isle of Man Bank Bill Shimmins says he is encouraged by the positive signs in the local economy.
With the Isle of Man Newspapers Awards for Excellence in association with RBS International, only a few weeks away, Mr Shimmins believes that there is significant evidence of successful businesses safeguarding their future against the challenging market conditions that the local economy has experienced in recent times.
Isle of Man Bank says it remains committed to supporting local enterprise with their lending requirements and growth ambitions, from an initial great idea through to expansion and beyond.
Most recently, Isle of Man Bank has supported the long established Park House Nursery childcare centre which caters for up to 120 children a week from the ages of two to 11.
Owners Dawn Wilders and her husband, David, have operated the popular nursery since 1999, while Dawn has been a customer of Isle of Man Bank since she was 16.
When the opportunity arose to buy the nursery premises at the end of the current lease period, Dawn approached her Isle of Man Bank relationship manager Juan Quayle for funding to make the purchase. The purchase gives Dawn and David far greater control over the future of their business since they will own the premises outright when the loan is repaid.
Dawn said: ‘I have a brilliant long standing team of hardworking staff and special thanks should go to Natasha Gregson (nursery manager) who has been with us since day one and has always ensured the smooth running of the nursery and supported us in getting to where we are today.
‘I have rented the premises since we opened and I have saved for many years hoping that we would eventually have sufficient capital to put forward as a deposit to ensure we can remain in the same business location providing stability for our clients and their children.
‘The Bank has been really helpful throughout and by talking through our financial needs with Juan, we were able to agree a loan for the required funding.’
Bill Shimmins said: ‘We were delighted to support Dawn’s aspirations and Park House Nursery is just one recent example of where the bank has been able to offer its expertise to help customers with their lending objectives.
‘Lending agreements are up 10 per cent year on year among small and medium sized businesses, a sign that confidence is returning within the economy and an illustration of our commitment to supporting the local community.’