Creative Industry Finance (CIF), a ground-breaking programme providing business support and access to finance to enable the growth and development of the UK’s cultural and creative industries, has been launched nationally.
CIF’s successful pilot programme ran for two years and provided free business development support and loans to micro, small and medium size creative industry enterprises in London, Yorkshire and the Humber. 57 businesses received direct loans and more than 30 were able to leverage additional finance elsewhere, as a result of CIF. In total the value of business growth to businesses supported in the first year of the pilot was £1,000,000.
The programme, which is now being rolled out to assist creative and cultural businesses across the country, will offer up to twelve hours of free sector-specific business support for creative enterprises, as well as the opportunity to access loans from a range of lending partners, starting from £2,500.
CIF will play a significant role in creating opportunities for emerging talent to bring their creative ambitions to life, and to find the seed-funding for much needed capital to support innovation.
Applications will be available online to creative and cultural organisations that have been trading for at least eighteen months and are looking for loan finance to support their growth and development.
Alan Davey, Chief Executive Arts Council England said:
‘The roll-out of a nationwide Creative Industry Finance programme is fantastic news for the creative industries and even better news for the economy and those of us that reap the benefits of a well-funded creative sector. This programme gets right to the heart of creating opportunities for young and fresh talent to bring their creative ambitions to life and to find the seed-funding and much needed capital to support innovation.’
Creative Industry Finance is delivered by Creative United, a Community Interest Company, with National Lottery award funding from Arts Council England.
Links and further information
Take a look at some case studies of creative businesses and people the programme has supported so far here
Read the Creative Industry Finance Evaluation Report, and take a look at some of the programme’s great outcomes and success stories