Creative England have launched a £24million growth finance programme for the creative and digital sector – it offers scale-up finance for post-revenue businesses presenting promising growth potential.
In conjunction with Silicon South, Head of Investment, Tim Evans, will be visiting Bournemouth on 14th January to host one to one discussions with any business interested in finding out more about accessing the funding.
Serving as the first initiative of its kind, the loan facility – backed by Triodos Bank UK – is offered to digital and creative businesses across the British Isles.
The £24million fund will provide scale up finance to promising creative businesses. The fund will target post revenue, IP rich SMEs, that have reached a point of scale that requires supporting finance. At present, the scale-up window for creative industry SMEs sees 72% suffering from a lack of growth capital.
The fund will be supported in part by Triodos Bank UK, the specialist ethical bank, in addition to Creative England. Launched at a time where traditional lending to SMEs has reached an all-time low, it will be deployed across the creative industries, subject to an application process underpinned by viable investment potential.
This Creative Growth Finance will offer one of the most competitive interest rates available on the SME lending market; each loan will be built around a repayment structure that suits the diverse nature of each beneficiary business. The fund will provide business loans of up to £500,000 to creative firms showing potential for growth and scaling, in addition to revenue and intellectual property.
If you’d like to meet up with Tim to discuss finance opportunities, please email [email protected]