XN000022-1972-03-16 — Page 26

26

Thursday, March 16, 1972

LOANS TO SMALL INDUSTRIES SCHEME

Success Depends On Speedy Processing Of Applications

The success or failure of the Loans to Small Industries Scheme

depends upon the speed with which an application is processed.

The Hon. K.S. Lo sounded these words of warning when he spoke

at the resumed Budget debate in the Legislative Council today.

"There must not be too much red tape in approving an application,

and the time of waiting should not be more than two to three weeks at the

most. Any unnecessary long periods of waiting will scare the small borrowers

away and doom the scheme to failure," he said.

He added that it was most gratifying to be told that Government

had at last agreed to accept the proposal made by the Trade and Industry

Advisory Board for setting up a loans to small industries scheme.

"This comes to me as a great personal satisfaction since I have

made so many pleas for such a project in the past."

Government's acceptance of the scheme was a "significant triumph"

for the small industrial enterprises and came in the nick of time when

fixed investments in plant, machinery and equipment showed signs of drop,

he said.

It was also the first time that Government had given official

recognition to the part played by small industrial enterprises in the

economic growth, and the contribution made by them in the domestic

exports, Mr. Lo added.

/"Let us