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PRIVACY
Enterprise

Creative Industry Finance scheme to support region's creative businesses

Official statistics show the creative industries are worth £71.4 billion per year to the º£½ÇÊÓÆµ economy

The Custard Factory

A new programme of business support and access to finance to enable the growth of launches in September.

Official statistics from the Department for Culture, Media and Sport show creative industries are worth £71.4 billion per year to the º£½ÇÊÓÆµ economy.

Creative sector businesses face challenges in accessing finance for their growth and development because they are often perceived as being high risk.

This is in part due to the lack of assets and the absence of commercial confidence within the creative sectors.

Many creative businesses are also run by young entrepreneurs with no lending history.

In Birmingham, Digbeth is home to the largest cluster of creative and digital businesses outside London, with 400 businesses employing 2,000 people in the creative and digital sectors. Many of these are based at .

Creative Industry Finance (CIF) launches on September 23 and will offer up to 12 hours of free business support for creative enterprises, as well as the opportunity to access loans from a range of lending partners, starting from £2,500.

Applications will be available online to creative and that have been trading for at least 18 months and are looking for loan finance to support their growth and development.