A new scheme sees loans being made available to entrepreneurs in the creative industries.
The loans are capped at £25,000 and are repayable within five years together with the interest which is fixed at 6% per annum for the loan period. Alongside the financing, successful applicants will receive twelve months of mentoring.
Despite their value to the UK's GVA, traditionally, creative businesses have been held back by lack of funding and this scheme seeks to redress this ongoing imbalance, welcoming applications from new and established creative practitioners and start-ups less than two years old.
Since its inception in 2012, more than 80,000 borrowers have benefited from many millions of start-up loans which, over the recent years, has seen a doubling of the number of young entrepreneurs receiving financing.
Creative England's Mehjabeen Patrick said, “financial support and investment opportunities in the creative industries are already all too rare, with talent and ideas often not matched with the opportunities required to unlock potential. The impact of the pandemic threatens to widen this disconnect further. In partnering with the Start-Up Loans programme, Creative England can support creative entrepreneurs in accessing the affordable financing and support they need to grow effective and sustainable businesses.”
This arranged borrowing comes from Creative England in partnership with the government-backed Start Up Loans programme run by British Business Bank. Further information regarding the loan scheme is available online as are free guides offering information and advice on starting a new business.