Credit Guarantee Act 2012

Participating lender.

2.— (1) For the purposes of this Act, a lender is a participating lender if—

(a) the lender is a person in respect of whom a certificate under subsection (2) has effect, and

(b) the lender stands approved for the time being by the Minister in accordance with this section.

(2) The Minister may, for the purposes of this section, certify in writing that he or she is satisfied that a lender provides loans in the ordinary course of business, or has expressed to the Minister an intention to provide loans in the ordinary course of business, to qualifying enterprises.

(3) The Minister may approve a lender under this section if—

(a) the lender declares, in writing, that he or she agrees to comply with and be bound by the terms of a credit guarantee scheme, and

(b) the Minister is satisfied that the lender has complied with the applicable conditions.

(4) The Minister may withdraw an approval under this section if a lender ceases to comply with the applicable conditions or contravenes any other provisions of a credit guarantee scheme.