Businesses which have opened on Douglas Promenade since works began along the stretch may be able to access financial support.

Minister for Enterprise Dr Alex Allinson is set to present an amended Douglas Promenade Support Scheme to Tynwald next month.

The scheme was established in January 2020 to allow businesses financially affected by the refurbishment to apply for an interest free unsecured loan support of up to £50,000.

In an Explanatory Memorandum to Tynwald Members, the department admit that the support needs to be extended to those new businesses which have commenced trading on the promenade since the refurbishment scheme began and ‘would have expected that the works would be completed sooner than they have been’.

The memorandum states: ‘The Douglas Promenade Refurbishment Scheme commenced in November 2018 and was initially expected to be completed by April 2021.

‘However completion has been delayed causing a higher level of disruption to businesses than first envisaged, specifically a reduction in footfall, with a resulting loss of turnover and considerable operational disturbance to the businesses located within the Douglas Promenade area.’

It goes on: ‘As the Douglas Promenade Refurbishment Scheme nears completion the department and the Treasury have agreed that financial support under the 2019 Scheme should be brought to a close.

‘However, new businesses have commenced trading on the promenade since the refurbishment scheme began.

‘These businesses would have expected that the works would be completed sooner than they have been.’

The amendment would see the date on which a business in the area must have been in operation and the trading situation of the businesses change, allowing for a small number of additional businesses to become potentially eligible for support before the scheme closes.

It would also see the date for repayment change.

The 2019 scheme stated that the loan is repayable over 10 years.

However, ‘given the ongoing refurbishment works and the Covid pandemic the department has not been strictly enforcing repayment terms and conditions’.

The amended wording will ‘provide flexibility for the department to deal with the terms for repayment in a reasonable manner’.

Loans will continue to be repayable at 0% interest rate.

The scheme will close to new businesses on June 1.

It is estimated that up to £250,000 of loans may be provided as a result of the amendments.

Back in November, Infrastructure Minister Tim Crookall said it was ‘impossible’ to put a completion date on the promenade scheme.

In January, Mr Crookall admitted there is a ‘long list’ of issues which need rectifying on the prom.

The snagging list is currently with Auldyn Construction.

From March 27, work will continue along the red concrete corridor in the centre of the highway along Harris Promenade and on to Loch Promenade.