While the emergency measures announced today by the Chancellor will support many organisations, workers and freelancers in our sector, many will find further financial support is needed to support their business through this challenging time. Creative Growth Finance and Creative England have a range of support and investment offers for UK creative businesses looking to build and scale.
The Creative Growth Finance Debt Fund is a landmark £24 million fund providing vital scale up finance to the UK’s most promising creative businesses.
The fund offers loans of £100,000-£500,000 with fixed interest rates from 7.5-15% and repayment terms of up to four years. The application process is entirely virtual, with an initial decision to progress made within three days. A 5% management fee is charged on payment of the loan.
Creative Enterprise business planning support offers grants of up £5,000 to subsidise the cost of working with experts to support sole traders and SMEs with their business planning and strategy. At the end of this process, applicants will have developed a robust 3-year business plan that can then be used to direct the company’s future growth and as a tool for pitching for investment.
The New Ideas fund offers small grants for creative entrepreneurs and companies working in moving image for storytelling, offering grants of between £1000 and £25,000 to support the development of new and innovative ideas that have the potential to impact and grow a business.
The fund is for ambitious entrepreneurs creating narrative moving image content to try something new, something different. The fund is an opportunity to take a risk on venturing into a new area of the screen industry, test out a new market, pilot new technology, explore innovation.