Written question asked by Andrew Love (Labour) on Monday, 6 July 1998, in the House of Commons. It was due for an answer on Monday, 13 July 1998. It was answered by Angela Eagle (Labour) on Monday, 13 July 1998 on behalf of the Department of the Environment, Transport and the Regions.

Dept of the Environment Transport and the Regions

Question: 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. - Including figure.

Answer: 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 have either been repaid in full or are currently on target to repay on schedule, so replenishment of capital is not an issue.

Secondary information

Type: Written question
Reference: 316 c5-6W; 49682
Session: 1997-98
Subjects: Central government Investment Grants Voluntary organisations Local Investment Fund
Contains statistics: Yes