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Legislative Assembly for the ACT: 2000 Week 1 Hansard (15 February) . . Page.. 135 ..
MR HUMPHRIES (Treasurer, Attorney-General and Minister for Justice and Community Safety): Further, Mr Speaker, for the information of members, and pursuant to subsection 47(3) of the Financial Management Act 1996, I present approval of a guarantee under an agreement between the Australian Capital Territory and the CPS Credit Union Cooperative (ACT) Ltd under the new enterprise loan guarantee scheme, together with an explanatory statement. I ask for leave to make a short statement.
Leave granted.
MR HUMPHRIES: For the information of members, I present, pursuant to subsection 47(3) of the Financial Management Act 1996, an approval for a loan guarantee to the CPS Credit Union for an applicant under the new enterprise loans guarantee scheme. The underlying principle of the scheme is to provide small businesses with financing for capital investments in the expectation that they will succeed in establishing and developing their businesses and increasing their potential for future business growth.
It is intended that the scheme 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 attached FMA instrument has been approved by the chief executive, Department of Treasury and Infrastructure, as delegate, pursuant to the new enterprise loan guarantee scheme.
The loan guarantee is for Mr Michael Pearlman, the owner and director of Safebar Pty Ltd, an ACT company producing and retailing a new safety device for learner children bicycle riders. 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 to the value of $33,940 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 September quarter progress report on the 1999-2000 capital works program and ask for leave to make a short statement.
Leave granted.
MR HUMPHRIES
: This is the first progress report for the current financial year's program. In line with the reforms that were first introduced in 1998-99, the September quarterly capital works report provides detailed information on the progress of expansion
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