Promenade business support scheme pays out only once

Ten applications received from businesses since January

A scheme offering financial help to businesses on Douglas promenade has made just one payout since being set up.

The Douglas Promenade Support Scheme 2019 has received 10 applications since opening in January, with one being approved and paid.

Figures released at this week's sitting of the House of Keys show a further three are being processed, contracts are being prepared for another and four need further information from the applicant, while one was ineligible.

The completed applicant will receive a £50,000 interest free loan, with £35,000 having already been paid and used to clear debt to the government and ease cash flow.