Regulation 7 Determining the gross cash equivalent of a small loan guarantee
(1)
(2)
A loan guarantee is a small loan guarantee if—
(a)
it guarantees not more than 80% of the loan,
(b)
the amount guaranteed is not more than £2,350,000, and
(c)
the duration of the guarantee is not more than 5 years.
(3)
A loan guarantee is a small loan guarantee if—
(a)
it guarantees not more than 80% of the loan,
(b)
the amount guaranteed is not more than £1,175,000, and
(c)
the duration of the loan guarantee is not more than 10 years.
(4)
Where a small loan guarantee is for less than the amounts set out in paragraphs (2)(b) or (3)(b) or is given for a period of less than 5 or 10 years respectively, the gross cash equivalent of that loan guarantee may be determined to be the corresponding proportion of £315,000.