Small to medium enterprises urged to ask for help if needed
Small and medium businesses on the Isle of Man are being urged to talk to their lenders if they are experiencing financial difficulties.
The group chief executive of the Manx Financial Group – which owns Conister Bank - has issued the plea after the Bank of England’s decision to raise the interest base rate to 5-percent.
Douglas Grant believes it will have a ‘double whammy’ effect for businesses already struggling.
He says they should treat the rise as another reminder to review their existing lending structures to ensure they’re prepared for further challenges:
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