15 October 2019
The Creative Growth Finance Debt fund has been established to provide scale-up funding to the UK’s most promising creative businesses. It will target post-revenue small and medium-sized enterprises (SMEs) that require supporting finance for continued growth.
The fund is targeted at firms that are looking to scale-up, or via the development of existing or new technology, products and services which will meet emaerging client demand, provide a significantly better service and enhance the company’s competitive edge. Businesses that harness creativity in technologies, are talent-led and bring change, disruption and new IP to the creative industries are being targeted.
The programme has set aside a total of £24 million. Loans of between £100,000 and £500,000 are available. The repayment term is between one and four years at an agreed fixed interest rate of between 7.5% and 15%.
Established creative SMEs in the UK are eligible to apply. The business must have been trading for at least 2 years, with identifiable revenues and customers proof of traction.
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