'Businesses will fail and jobs will be lost' if a debate to provide business loans is held next week, the President of Jersey's Chamber of Commerce is warning the government.
A £180 million support package from Jersey's government was announced yesterday, to try and keep the island's businesses afloat during the coronavirus pandemic.
However the debate won't take place until next week and that could be too late for some, according to the Chamber.
The government measures include:
£50 million is initially being set-aside in a Disruption Loan Guarantee Scheme, which will allow banks to provide new loans and overdrafts to businesses struggling to keep trading.
A further £50 million of equity will be provided into a 'Special Situations Fund.'
A small business emergency fund could also be created to provide more support to those who are self-employed and the smallest firms in the island.
The measures still need approving by the States Assembly and the Treasury Minister is bringing forward a proposition as a matter of urgency.
The Chamber of Commerce say it has been inundated with messages of concern since the Minister for Economic Development, Tourism, Sport and Culture’s announcement, yesterday.
Despite the 'significant package' on offer, it claims more support will be necessary.
