49
Wednesday, March 29, 1972
LOANS TO SMALL INDUSTRIES SCHEME SOON POSSIBLE
Applications May Be Invited As Early As July
The Director of Commerce and Industry, the Hon. E.I. Lee, said
today that every effort was being made to ensure that the Loans to Small
Industries Scheme was introduced as soon as possible.
He was replying at the resumed Budget debate in the Legislative
Council to questions raised by Unofficial Members on March 15 and 16.
"Although, as I have said, its operation will involve other
organisations besides my own department, with the consequent need for a
close liaison between them, I shall be personally disappointed if wo are
not in a position to invite applications before the end of June."
Mr. Lee stressed that the scheme was experimental in nature and
was designed to extend over a period of three years or until such time as
the total financial commitment had been reached.
"There is provision for a review after eighteen months and if, by
then, the scheme has proved its worth and if a higher level of lending
appears justified, I believe there would be a quick response from Government
to any proposal for an upward revision of its commitment," he said.
He said he was as anxious as the Hon. K.5. Lo to avoid delay in
considering applications and the arrangements now being made to administer
the scheme were designed specifically to ensure that decisions were
quickly reached.
/He explained
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