HC Deb 13 July 1998 vol 316 cc5-6W
Mr. Love

To ask the Secretary of State for the Environment, Transport and the Regions how much of the local investment fund established in 1994 has been loaned to voluntary organisations; how many projects have failed and at what cost to the fund; and what action is proposed to replenish the fund. [49682]

Angela Eagle

The Department helped establish the Local Investment Fund with a one-off grant; the rest of the resources came from the private sector. The Fund makes loans to voluntary organisations, which cannot raise loans from conventional sources, to support their economically viable enterprises contributing to the regeneration of deprived communities.

I understand from the Fund that, since 1994, a total of £1.2 million has been lent, or committed, to eligible bodies. All the loans made so far either have been repaid in full or are currently on target to repay on schedule, so replenishment of capital is not an issue.