§ Mr. Craigenasked the Secretary of State for Industry if he is satisfied with the response time taken by his Department to approve applications under the loan guarantees for small businesses scheme.
§ Mr. MacGregorThe average time taken to process loan guarantee scheme applications is currently about three weeks from the date of receipt to despatch back to the bank, although urgent cases are dealt with very speedily. This is longer than I would like, but is due to the increase in applications this year to some 600 a month. As the House knows, I have always been anxious to keep the number of staff operating the scheme within strict limits in accordance with the Government's policy on civil service numbers. But in view of the much heavier work load more staff have now been allocated to this work and I expect the position to improve shortly.
§ Mr. Craigenasked the Secretary of State for Industry how many applications have so far been approved under the loan guarantees for small businesses scheme; what is the total amount so far guaranteed under the scheme; and if he will give the number of applications and total amounts advanced through each of the participating financial institutions.
§ Mr. MacGregorBy 31 May 1982, the most recent date for which figures are available, 4,440 guarantees had been issued in respect of £149.1 million of bank lending. The details of guarantee arrangements entered into between the Department of Industry and the individual participating banks is subject to commercial confidentiality. I am therefore unable to provide the figures requested.