asked the Financial Secretary to the Treasury whether he will state the amount of money advanced to new businesses and the conditions under which advances have been made during the last 12 months under Special Areas Reconstruction Association; and whether there is any intention of modifying the terms upon which these advances can be obtained?
§ Captain Wallace
In the last 12 months the Special Areas Reconstruction Association has agreed to advance to new businesses (as distinct from existing businesses) the sum of £184,050, bringing the total of advances of this kind to £633,200. In accordance with the terms 583W of the association's constitution, advances are made by way of loan normally repayable within five years and not exceeding £10,000 in any one case; interest is payable at not more than 4½ per cent. There is no intention of modifying these arrangements.