To ask the Minister of State, Department for Business, Enterprise and Regulatory Reform

(1) how much has been spent from the Capital for Enterprise Fund;

(2) how many businesses have received assistance from the Capital for Enterprise Fund.

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.