Creative England has announced a new partnership with the British Business Bank’s Start Up Loans programme, helping creative entrepreneurs across the UK to access finance and business support.
The partnership addresses the financial markets’ failure to provide sufficient investment opportunities for creative businesses to fund their growth and develop their IP.
The new government-backed Start Up Loans for the creative industries will offer borrowing of up to £25,000 at a fixed interest rate of 6% per annum, repayable over 1-5 years. As well as providing access to early financing, the loans will also include 12 months of post-investment mentoring support for recipients.
Applicants are welcome from any UK subsector of the creative industry; from young practitioners or experienced freelancers, to creative Start Ups less than two years old.
Find out more about the new scheme here.