£24m Fund Launched for the UK’s Creative SMEs
Posted: 15th October 2019
Location: Town Centre
Closing: 1st April 2020
More informationThe Creative Growth Finance Debt Fund has been established to provide scale-up funding to the UK’s most promising creative businesses. It will target post-revenue small and medium-sized enterprises (SMEs) that require supporting finance for continued growth.
The fund is targeted at firms that are looking to scale-up, or via the development of existing or new technology, products and services which will meet emerging client demand, provide a significantly better service and enhance the company’s competitive edge. Businesses that harness creativity in technologies, are talent-led and bring change, disruption and new IP to the creative industries are being targeted.
The programme has set aside a total of £24 million. Loans of between £100,000 and £500,000 are available. The repayment term is between one and four years at an agreed fixed interest rate of between 7.5% and 15%.
Established creative SMEs in the UK are eligible to apply. The business must been trading for at least two years, with identifiable revenues and customers as proof of traction.
Caroline Norbury, CEO of Creative England, said:
"The fund has been launched with creative excellence and economic prosperity at its core and is the first of many investment platforms that will continue to leverage these objectives."
Bevis Watts, CEO of Triodos Bank UK, said:
"As a bank that focuses on delivering positive societal benefits through our lending, we are looking forward to seeing the impact this new fund will have on local communities and regional development."