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We announce new loan scheme for cultural and creative businesses

  • Date: 29 May 2012
  • Area: National

Arts Council England today launched Creative Industry Finance - a new scheme for cultural and creative enterprises, offering small loans and practical business advice and support.

Working in partnership with the East London Small Business Centre, we are offering creative entrepreneurs the opportunity to apply for loans of £5,000 - £25,000 and receive practical business development support.

The initial one-year pilot of the scheme is taking place in London with an investment of £200,000. A second pilot area will be announced soon.

The scheme is currently open to small to medium-sized enterprises in London, with creative content at the heart of their business. Applications are welcome from entrepreneurs working across all artforms - from artists to writers, performers, designers, producers, promoters and publishers.

We hope to support creative entrepreneurs, especially those 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.

We have partnered with the Crafts Council and UK Music to provide bespoke support for businesses in the crafts and music industries.

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.'

For further information about the programme, visit our Creative Industry Finance pages.

To apply for support go to the Creative Industry Finance website.