Creative England and Triodos Bank UK have launched a £24m fund to provide finance to creative UK businesses.
Creative Growth Finance will target post-revenue, intellectual property-rich SMEs and be deployed across creative industries, subject to an application process based on a company’s viable investment potential.
Each loan will be built around a repayment structure that suits each beneficiary.
The fund will provide business loans of up to £500,000 to firms showing potential for growth and scaling.
A total of £10m will be provided by Triodos Bank UK, £5m by Creative England, with a further £9m reinvested from returns.
“Access to transformative risk capital to enable creative entrepreneurs to evolve from small businesses to scale-ups that can add value to UK PLC hinges on the ability to access a level of finance that is — in its current state — notoriously inaccessible,” said Caroline Norbury, CEO at Creative England.
Bevis Watts, CEO at Triodos Bank UK, added: “We’re keen that the funding reaches creative businesses all over the UK, and supports the delivery of the sustainable development goals by reaching areas with low social inclusion and high economic exclusion.”
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