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Allocation of £500,000 ring-fenced for Small Firms Loans Guarantee Scheme

A formal published “Ministerial Decision” is required as a record of the decision of a Minister (or an Assistant Minister where they have delegated authority) as they exercise their responsibilities and powers.

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A decision made 26 October 2009 regarding: Allocation of £500,000 ring-fenced for Small Firms Loans Guarantee Scheme.

Decision Reference:  MD-TR-2009-0173

Decision Summary Title:

Discretionary Fiscal Stimulus – Small Firms Loan Guarantee Scheme

Date of Decision Summary:

16 October 2009

Decision Summary Author:

Treasurer of the States

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title:

Allocation of Fiscal Stimulus Funding to Support for Business Project Group in respect of the Small Firms Loans Guarantee Scheme

Date of Written Report:

21 October 2009

Written Report Author:

Fiscal Stimulus Programme Manager

Written Report :

Public or Exempt?

Public

Subject:

Fiscal Stimulus Programme: budget allocation to the Economic Development Department in relation to the Small Firms Loan Guarantee Scheme project to be undertaken by the Support for Business project team.

Decision(s):

The Minister approved the allocation of £500,000 to the Economic Development Department, to be ring-fenced for the Small Firms Loans Guarantee Scheme and transferred to the department budget as required on the specific approval of the Fiscal Stimulus Steering Group. Transferred sums will be allocated to revenue expenditure on approval between the date of this decision and 31 December 2010.   

He further instructed the Support for Business Project Team to report on spend of all stimulus monies, and project progress/performance, on a monthly basis in accordance with guidelines set by the Treasury.

Reason(s) for Decision:

A discretionary fiscal stimulus allocation from the Stabilisation Fund of £44m has already been approved. The £500,000 approved funding will enable the Support for Business Project Team to support more small businesses which are seeking to start up or expand but do not have sufficient collateral to secure a bank loan on the open market.

Resource Implications:

No resource implications other than those already approved at the States’ debate (P55/2009) on 19th May 2009.

Action required:

Treasury to be informed of decision to release necessary funds to the Economic Development Department budget following the approval process outlined in the accompanying report.

Signature: 
 

Position: Senator P F C Ozouf, Minister for Treasury and Resources 

                 

Date Signed: 26th October 2009

Date of Decision: 26th October 2009

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