A £2.625 million investment programme to stimulate culture and creativity in the North of Tyne region has been announced by the North of Tyne Combined Authority and Creative England. It includes £500k for grants, £1.5m for loans and £625k for equity finance, plus expert business advice, available to creative entrepreneurs seeking to grow or diversify.
Aiming to grow a more resilient and sustainable future for the creative sector in a post-COVID 19 economy, the fund will be open to SMEs and freelancers in the region.
Available to finance recipients and other creative practitioners, the support programme, organised in partnership with Creative Fuse and offering a range of specialist workshops and mentoring sessions, seeks to enhance business skills, aid the development of new products and services, and enable business growth.
Creative England's CEO and Founder, Caroline Norbury MBE, said, “prior to the pandemic, the creative industries in the North East contributed over £1 billion to the economy and will be key to driving the region’s economic growth and productivity as it looks to rebuild. The North of Tyne’s cultural sector will be a core part of this, and can also reengage communities with their local places and enhance their quality of life.
“We are very pleased to launch the Culture and Creative Investment Programme and look forward to working alongside North of Tyne Combined Authority to grow creativity throughout the region.”