Tuesday Jun 19, 2007
A new loan guarantee scheme is being started for small businesses in Jersey .
The Economic Development Department set up the system after entrepreneurs gave feedback saying their greatest barrier to growth was access to finance.
The States will guarantee up to a maximum of 75% of small business loans made by banks to small firms.
It is thought the scheme will cost the island £200,000 a year, with that money going to banks when borrowers default on their loans.
Economic Development Minister Senator Philip Ozouf said it was a first for Jersey .
The scheme aims to encourage diverse businesses to set up in Jersey and create jobs for islanders.
Source:
http://news.bbc.co.uk/2/hi/europe/jersey/6325167.stm
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