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Legislative Assembly for the ACT: 2000 Week 6 Hansard (24 May) . . Page.. 1674 ..
MR HUMPHRIES (continuing):
future business growth. It is intended that the scheme will give eligible applicants access to loans, to a maximum of $10,000 over a period of up to four years, from an approved financial institution. The CPS Credit Union has agreed to support the principles of the scheme by providing concession rates to eligible applicants and has been selected as the loan provider.
The FMA instrument I have presented has been approved by the chief executive of DTI, as delegate, pursuant to the small business loans scheme. The loan guarantee is for Ms Sandra Scheetz, the owner of Streamline Training, an ACT company that offers a home-based business to provide correspondence training throughout Australia in certificate IV in assessment and workplace training.
I stress that these are guarantees, not loans, grants or any other form of financial assistance and that maximum exposure under the scheme is capped at $500,000. To date, loans to the value of $80,470 have been approved under the scheme.
MR HUMPHRIES (Treasurer, Attorney-General and Minister for Justice and Community Safety): For the information of members, I present the following paper:
Financial Management Act, pursuant to subsection 47 (3)-Approval of a guarantee under an agreement between the Australian Capital Territory and the CPS Credit Union Co-operative (ACT) Limited for a loan under the Small Business Loan Guarantee Scheme.
I ask for leave to make a short statement.
Leave granted.
MR HUMPHRIES: This scheme is intended to give eligible applicants access to loans of up to $10,000, for a period of up to four years, from an approved financial institution. The CPS Credit Union has agreed to support the principles of the scheme by providing concession rates to eligible applicants. The instrument I have presented has been approved by the chief executive of DTI. The loan guarantee is to Mr Peter Joseph Yandle, the owner of RSI Massage Therapy, an ACT company that will offer seated, non-invasive 15-minute workplace massage to relieve stress and ease muscle tension. I might call him myself, Mr Speaker.
I stress that these are guarantees, not loans, grants or any other form of financial assistance and that the maximum exposure under the scheme is capped at $500,000. To date, loans under this scheme to the value of $75,420 have been approved.
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