§ Mr. Newton
asked the Secretary of State for Industry how many offers of financial assistance have been made to firms under Section 8 of the Industry Act since 1st March 1974; and what were the sums involved for each individual firm.
§ Mr. Heffer
Offers of assistance under Section 8 of the Industry Act between 1st March 1974 and 31st October 1974 have been made involving the following SumsKearney Trecker Marwin—£3.5 million, mainly in preference shares, for working capital.Meriden Co-operative—£4.95 million for purchase of assets, and for working capital.Alfred Herbert—Interim guarantee.Marine Oil Industry Repair & Mtce—£360,000 in grants over five years.Salvesen Offshore Holdings—£784,000 in grants over four years.
In addition there are two industrial schemes operating under Section 8 where applications are made under certain announced criteria of eligibility. On these offers have been as follows:Wool Textile Industry Scheme—£4.4 million as grants and a further 19 offers whose value has still to be determined.Offshore Credit Scheme—Contracts registered to date involve maximum qualifying borrowing of £71 million on 75 contracts. Grants related to these contracts could total about £8 million. No claims for payment have yet been made.