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Creative Europe Announces Details of its New Financial Guarantee Facility
26 May 2016 : Seán Brosnan
The Creative Europe Programme has earmarked €121 million for a financial mechanism acting as insurance to financial intermediaries - a Financial Guarantee Facility.

Access to finance is more challenging for SMEs in the cultural and creative sectors (CSS) perhaps due to the intangible nature of their assets and collaterals, and lack of training on the part of banks in addressing the sector's needs. One of the main aims of the Scheme is to help banks understand the creative industries and how to assess their businesses, and ultimately increase trust in their business models.

The new Financial Guarantee Facility, which will begin operations from summer 2016, will offer financing to CCS initiatives to improve access to financial products for SMEs, and stimulate offers from banks. The expected leverage effect will provide over €600 million in loans and other financial products. The scheme is managed by the European Investment Fund (part of the European Investment Bank), on behalf of the European Commission.

WHO IS ELIGIBLE?

Once a financial intermediary is operating under the Guarantee Facility in its market, companies active in the cultural and creative sector, located in the countries participating in the Creative Europe programme, will be able to apply for a loan or a guarantee by approaching the financial intermediary operating within that market.

Eligible activities are market or non-market oriented, disregarding the type of legal structure that carries them out. Such activities include the creation, production, dissemination and preservation of goods and services which embody cultural, artistic or creative expressions.

The creative sectors included are:

  • Architecture, archives and libraries, artistic crafts
  • Audiovisual - film, television, video games and multimedia
  • Cultural heritage, design, festivals, music
  • Performing arts, publishing, radio, and visual arts

The facility will start rolling out in summer 2016.

More details can be found at http://www.creativeeuropeireland.eu/media/news/articles/creative-europe-announces-details-of-it-new-financial-guarantee-facility.





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