§ Mr. Spearingasked the Secretary of State for Industry what arrangement he has made for interest relief grants for small firms; what are the qualifying terms for such grants; what moneys have so far been expended on such grants; and how much has been associated with principal loans from the European Investment Bank.
§ Mr. CryerSmall firms may qualify for interest relief grants for projects with employment benefits in the assisted areas under Section 7 of the Industry Act 1972, and for grants available through sectoral schemes under Section 8. Statistics of the assistance provided are not broken down by size of firm. Under the scheme announced on 15th December 1977, up to £20 million is available in loans from the European Investment Bank for seven years at 7½ per cent., plus 1 per cent. for a guarantee against the exchange risk. Several applications from small firms—that is under 200 employees—are under consideration.