§ Mr. Redmondasked the Secretary of State for Trade and Industry what is the rate of interest relief grant now available under Section 7 of the Industry Act.
§ Mr. ChatawayThe normal rate of interest relief grant is 3 per cent. for up to four years. However, a higher rate of grant is now available in respect of projects where it would be appropriate to allow an initial interest-free period if the applicant were to apply for a Section 7 loan. In these cases the interest relief grant may be at the rate of up to 10 per cent. per annum of the notional loan from public funds for up to two years, and then at the rate of 3 per cent. for up to four further years.