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Capital for Enterprise Fund

Business, Enterprise and Regulatory Reform written question – answered at on 28 April 2009.

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Photo of Mark Hoban Mark Hoban Shadow Minister (Treasury)

To ask the Minister of State, Department for Business, Enterprise and Regulatory Reform how many businesses he estimates will have debt transferred to equity under the Capital for Enterprise Fund in (a) 2009, (b) 2010 and (c) 2011.

Photo of Ian Pearson Ian Pearson Parliamentary Under-Secretary (Economic and Business), Department for Business, Enterprise & Regulatory Reform, Economic Secretary (Economic and Business), HM Treasury

The Capital for Enterprise Fund (CfEF) is targeted at small businesses who have exhausted their traditional borrowing capacity. The CfEF will provide £75 million of equity to these businesses.

As at 25 March 2009, there have been 1,013 inquires to the Capital for Enterprise Fund registration helpline with 311 businesses seriously exploring whether the fund may be of benefit to them. 253 businesses have registered their interest in the fund and out of these 51 businesses have met the eligibility criteria and have supplied all the required information (business plans and accounts) with the amount of potential funding required being £44.5 million.

Fund mangers have been appointed (Aberdeen Assets and Octopus Investments) and have shortlisted five advanced investment propositions with strong potential for deal flow using CfEF, totalling over £5 million. These are currently going through due diligence and we would expect initial investments shortly.

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