Magazine article Screen International

Creative Europe Launches $135M Guarantee Facility

Magazine article Screen International

Creative Europe Launches $135M Guarantee Facility

Article excerpt

Creative Europe's long anticipated guarantee facility for the cultural and creative sectors was finally launched today after an agreement was signed between the European Investment Fund (EIF) and the European Commission.

The $135m (euro121m) initiative will support around 10,000 small and medium enterprises (SMEs) in a wide range of sectors including film, television, animation and video games as well as performing arts, publishing and visual arts.

The financial mechanism, which is expected to have a leverage effect of around $668m (euro600m) in loans and other financial products over the next six years, will act as an insurance to financial intermediaries such as banks to offer financing to cultural and creative sector (CCS) initiatives.

CCS SMEs established and operating in the EU member states, Iceland and Norway will be eligible to access these loans. However, the facility will not be available to other countries participating in the Creative Europe programme such as Bosnia-Herzegovina, Turkey, Georgia or Ukraine. …

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