Creative England launches new loan scheme for creative businesses

A new partnership, between Creative England and British Business Bank's Start-Up Loans programme, aims to establish a source of financial and business support for creative entrepreneurs across the UK.

In 2018, the Creative Industries Council reported that 62% of creative businesses felt their growth had been restricted due to a lack of funding, and that 72% of creative businesses using funding still felt undercapitalised. 

The new scheme will offer borrowing of up to £25,000 at a fixed interest rate of 6% per annum, repayable over 1-5 years. The loans will also include 12 months of post-investment mentoring support for recipients.

Mehjabeen Patrick, CFO of Creative England, said: 'Financial support and investment opportunities in the creative industries are already all too rare, with talent and ideas often not matched with the opportunities required to unlock potential.

'The impact of the pandemic threatens to widen this disconnect further. In partnering with the Start-Up Loans programme, Creative England can support creative entrepreneurs in accessing the affordable financing and support they need to grow effective and sustainable businesses.'

For more information and to apply visit www.creativeengland.co.uk/investment/start-up-loans.