Business: Government Assistance

Business, Innovation and Skills written question – answered on 24th November 2010.

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Photo of Louise Mensch Louise Mensch Conservative, Corby

To ask the Secretary of State for Business, Innovation and Skills how many small and medium-sized enterprises have received funds from the Working Capital Scheme since its establishment; and what proportion of his Department's expenditure on that scheme has been in respect of such enterprises.

Photo of Mark Prisk Mark Prisk The Minister of State, Department for Business, Innovation and Skills

The previous Government launched the Working Capital Scheme (WCS) in January 2009 to provide guarantees to banks on portfolios of loans: individual businesses were not eligible to apply for these guarantees. It was announced in November 2009 that no new guarantees would be available under the WCS. All current guarantees will be honoured until the end of the scheme on 31 March 2011. As there have been no defaults to date, there has been no relevant expenditure.

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