If you have a question about the Creative Industry Finance programme that isn't answered in our FAQs, please feel free to contact us.
Q1: What do we mean by 'the creative industries'?
Q3: Can I apply as an individual artist?
Q4: What do we mean by 'trading'?
Q5: What can I use the loan for?
Q6: What's the maximum amount I can borrow?
Q7: When do I have to pay the money back?
Q8: Will interest charges apply to the loan?
Q9: Are there any other costs involved?
Q10: How many businesses are you expecting to support under the pilot programme?
Q11: How many businesses are you expecting to offer loans to?
Q12: How will you prioritise applications if the fund is over-subscribed?
Q1: What do we mean by 'the creative industries'?
A: For the purposes of this programme, we recognise businesses that operate within the following sectors as creative industry enterprises:
- architecture
- crafts
- computer games
- design
- designer fashion
- film and video
- music
- performing arts
- publishing
- software
- TV and radio
- visual arts
Q2: Why was Yorkshire and Humber chosen as your second pilot region, and can I still apply from London?
A: Applications are still open for London-based businesses. We have chosen to pilot the programme across two regions during 2012/13. By operating the scheme in these two distinct and contrasting areas we hope to learn as much as possible about the kind of help and support creative businesses in these regions are looking for.
Q3: Can I apply as an individual artist?
A: Yes, individual artists can apply provided that they have set themselves up as a business and have at least six months trading behind them.
Q4: What do we mean by 'trading'?
A: In order to be eligible for this programme, you must be able to show that you have been operating as a business for at least six months. You do not necessarily need to have made sales, but you will need to provide some evidence of your business activity and how you are managing your company finances.
Q5: What can I use the loan for?
A: Loans will be made available for working and/or fixed capital expenditure. You cannot use the loan to pay off existing debts.
Q6: What's the maximum amount I can borrow?
A: Loans under this programme will be made available from a minimum of £5,000 up to a maximum of £25,000.
Q7: When do I have to pay the money back?
A: Loans are repayable in monthly instalments over a period of one, two or three years, depending on the needs of the business.
Q8: Will interest charges apply to the loan?
A: Yes. Loans issued under this programme will carry interest charges of 10% APR. The total amount of interest that you pay will depend on the amount that you borrow and length of time over which you agree to repay it. For example:
| Value of loan | Repayment term | APR | Monthly payment | Total repayments | Total interest paid |
| £5,000 | 12 months | 10% | £439.58 | £5,274.95 | £274.95 |
| £7,500 | 24 months | 10% | £346.09 | £8,306.09 | £806.09 |
| £10,000 | 36 months | 10% | £322.67 | £11,616.12 | £1,616.12 |
Q9: Are there any other costs involved?
A: The business support package offered under the Creative Industry Finance programme is being offered free of charge to your business. However, you will be required to cover the costs of travel to attend meetings with a business advisor, as well as any printing/copying costs associated with preparing and presenting your business plan.
Q10: How many businesses are you expecting to support under the pilot programme?
A: All eligible businesses will be referred in the first instance to the delivery partner for an initial consultation with one of their specialist business advisors. This one-hour session will enable the advisor to understand a little more about your business and decide with you whether or not you should be referred onto the business support programme.
We expect to refer a total of 250 businesses onto this programme during the first year of the pilot.
Q11: How many businesses are you expecting to offer loans to?
A: We expect to approve £200,000 of loans during the first year of the pilot. Assuming an average loan value of £8,000 per business this would mean we would be able to support around 25 businesses.
Q12: How will you prioritise applications if the fund is over-subscribed?
A: Arts Council England is looking to support small businesses working across a wide range of creative practices so that we can maximise our learning around the needs of the various different segments of the creative industries. We may prioritise applications for both the business support package and access to finance offer in order to maintain a suitable balance in this regard. However, our first priority will be to support those businesses that present the strongest business growth potential.
