A multi-million-pound fund has been launched to help creative businesses looking to scale up.
The 拢24million fund will provide 海角视频 companies that have reached a point of growth that requires supporting finance with loans of up to 拢500,000.
A total of 拢10million is being provided by ethical bank Triodos, whose 海角视频 HQ is in Bristol, while 拢5million will come from not-for-profit organisation Creative England. Another 拢9million of funding will be reinvested from returns over four years.
Creative England will also offer support through a regional network of investment and sector specialists.
Caroline Norbury, chief executive of Creative England, said: 鈥淥ur country鈥檚 greatest industrial asset is our people and their ideas. If we want to translate from ambition to bottom line growth, then continual investment is a must.
鈥淎ccess to transformative risk capital to enable creative entrepreneurs to evolve from small businesses to scale-ups that can add value to 海角视频 Plc, hinges on the ability to access a level of finance that is 鈥 in its current state 鈥 notoriously inaccessible.
鈥淸This] fund ensures a shift in the ecosystem for lending across the creative industry.鈥
Bevis Watts, chief executive of Triodos Bank 海角视频, added: 鈥淲e are looking forward to seeing the impact this new fund will have on local communities and regional development.
鈥淲e鈥檙e keen that the funding reaches creative businesses all over the 海角视频, and supports the delivery of the sustainable development goals by reaching areas with low social inclusion and high economic 别虫肠濒耻蝉颈辞苍.鈥
The scale-up window for creative industry SMEs sees 72 per cent suffering from a lack of growth capital, according to Creative England.
Over the past seven years, the organisation has invested over 拢20million in the creative industries, with 81 per cent spent outside London and the South East.
