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Industrial Development Act, 1977

Enterprise development grants, etc.

3.—(1) For the purpose of encouraging the establishment of an industrial undertaking 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 the powers conferred on it by the Acts—

(a) make a grant, on such terms and conditions as it thinks fit, towards the reduction of interest payable on a loan raised to provide working capital for such an undertaking,

(b) guarantee the due repayment of the whole or part of the principal of any moneys (including moneys 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 such principal or both the repayment of the principal and the payment of such interest.

(2) The Authority shall not, without the prior permission of the Government, give a guarantee in respect of moneys borrowed in respect of working capital for an undertaking referred to in subsection (1) of this section, 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 moneys the subject of the guarantee and the amount of the grant payable towards the reduction of interest exceed in the aggregate £150,000.