30/05/2012 - New Loan Scheme for Creative Businesses in Greater London
Creative Industry Finance has been set up to provide small loans and practical business advice and support for cultural and creative enterprises in London.
The scheme is designed to support those individuals and organisations that have been unable to obtain lending elsewhere, to develop and grow their business as commercial enterprises and help them attract further investment to become sustainable.
The programme comprises the following two components:
- Training and support - up to 12 hours’ one-to-one business development support with a specialist business adviser.
- Access to finance - an opportunity to apply for a loan to help develop and grow a business.
The initial one-year pilot of the scheme offers an investment pot of £200,000. Loans of between £5,000 and £25,000 are available, repayable over a period of up three years. The loans can be used towards working and/or fixed capital expenditure.
Currently, the pilot programme is open to creative industry enterprises based in the London area only (all 33 boroughs). Sole traders (individual artists) as well as limited companies, partnerships and not-for-profit/social enterprises may apply. Applications are welcome from entrepreneurs working across all artforms - from artists to writers, performers, designers, producers, promoters and publishers.
Speaking about the launch of the new scheme, Alan Davey, Chief Executive of Arts Council England, said:
"This is the Arts Council's first foray into a loan scheme of this scale and crucially it is with a programme that recognises the interplay between the cultural and creative industries.
"Our investment will enable new business models to be explored, innovative ideas to fly and it will develop the skills of the next generation of business leaders and cultural practitioners, who will have a key role to play at the heart of economic growth."
There is no deadline for the receipt of applications; however, the funding provider is encouraging interested parties to apply as soon as possible due to anticipated high demand.
Following the pilot programme for London, a second pilot area is expected to be announced.
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Source: Arts Council England, 29/05/2012
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