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WRITTEN QUESTION TO THE MINISTER FOR ECONOMIC DEVELOPMENT BY DEPUTY M.R. HIGGINS OF ST. HELIER
ANSWER TO BE TABLED ON TUESDAY 30th NOVEMBER 2010
Question
Will the Minister inform members of the total amount (in pounds sterling) and the number of loan guarantees and other financial assistance/guarantees provided to the local business community by the Economic Development Department over the last three years, breaking the information down to sector, type of assistance, amounts, duration of loans or loan guarantees and (without naming the individuals and businesses concerned), of the number of such guarantees distributed to particular individuals and businesses?
Answer
The Economic Development Department introduced the Small Firms Loan Guarantee Scheme in March 2007. The Scheme guarantees loans made available from a high street banks, it does not provide the loan. Eligibility to the Scheme is on the strict basis that all other sources of security have been fully utilised, and without the support of the Scheme the business proposal would not proceed.
Since its introduction 7 loan guarantees have been provided with an initial total loan value of £890,000. Repayment on the loans has reduced this amount to £750,000 (30/9/10 position.) of which 75% remains guaranteed. The loan repayment periods range from between 2 and 10 years.
Two Guarantees have been provided to the retail sector, two within the hair and beauty industry, and two within the health/care sector and one provided to a technology business.