Industrial Development Act, 1986
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Guarantee of loans and interest subsidy for enterprise development. [1977, s. 3; 1981, s. 7] |
27.—(1) For the purpose of encouraging the establishment of an industrial undertaking which conforms to the criteria set out in subsections (3) and (4) of section 21 by a suitably qualified person who has not, or has not to a significant extent, previously been an owner of an industrial undertaking, the Authority may, in addition to any other power conferred on it by this Act— | |
(a) make a grant, on such terms and conditions as it thinks proper, towards the reduction of interest payable on a loan raised to provide working capital for such an undertaking, | ||
(b) guarantee the due repayment of part (not exceeding 80 per cent.) of the principal of any money (including money in a currency other than the currency of the State) borrowed in respect of working capital for such an undertaking or the payment of interest on the part so guaranteed of such principal or both the repayment of such part and the payment of such interest. | ||
(2) The Authority shall not, without the prior permission of the Government, give a guarantee in respect of money borrowed in respect of working capital for an undertaking referred to in subsection (1) or make a grant towards the reduction of interest payable on a loan raised to provide working capital for such an undertaking, where the amount of the principal of any money the subject of the guarantee and the amount of the grant payable towards the reduction of interest exceed in the aggregate £300,000. | ||
(3) Section 14 (4) applies to a guarantee under this section in money in a currency other than the currency of the State. |