Thank you, Mr. Speaker. Mr. Speaker, there have been a number of Members of this Legislature who have requested, including the Standing Committee on Government Operations, Cabinet and the Minister, to look at the idea of doing a general roll back interest rates on all loans in good standing with the Business Credit Corporation. This is to provide some relief to our businesses in the north, who have been recipients of loans in the past. Loans that may have been locked in at a higher interest rate than the interest rate at this time. It was felt that there was merit in looking at that. We have done that and we have approved a general roll back to be effective April 1st. This means a prime lending rate that is prevailing on April 1, 1998, plus two percent, would be the rate we charge to all outstanding loans that are in the portfolio of the Business Credit Corporation. It would apply to all loans that have interest rates higher than the rate at that time. Thank you.
Stephen Kakfwi on Question 315-13(5): Interest Relief For Business Credit Corporation Loans
In the Legislative Assembly on February 13th, 1998. See this statement in context.
Return To Question 315-13(5): Interest Relief For Business Credit Corporation Loans
Question 315-13(5): Interest Relief For Business Credit Corporation Loans
Item 6: Oral Questions
February 12th, 1998
Page 783
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