creative business funding

Creative ways to double your money

Some great news for the creative industry is that Creative England has announced that it is supporting digital creative companies by helping to finance business growth through the provision of interest-free business loans.

The interest free business loans are designed to help fuel the growth of the fastest growing sector in the UK economy. The loans, provided by the Regional Growth Funds, will be targeted towards financing business expansion and new products which will lead to the creation of new, high-quality jobs.

The only small catch is that the loan must be matched 50:50 with other finance, sourced by the company. This is where The Practice Finance Company (PFC) can help by providing businesses with quick and flexible access to finance through our panel of 30 lenders who have been specially selected to meet the needs of our clients.

The interest free loan from Creative England is available to digital SMEs based in England, but outside of Greater London. Each company will be able to apply for an interest free loan of between £50,000 to £200,000 that is then repaid over a maximum of 3 years. The repayment period depends on you, your business and your project.

The money from Creative England is targeted towards the fast growing digital industries. These can include companies working in digital media and web (e.g. creative software development, digital media, web design, digital content), games (e.g. gaming and app development), e-commerce and software solutions.

Unfortunately, the loan fund is not for brand new start-ups but for companies who have already achieved a turnover of at least £200,000. The loans are principally targeted at companies looking to scale-up via through existing or new technologies or develop new products and services that will meet emerging client demand. Other opportunities that help facilitate business growth are also considered.

With quick and easy access to finance provided by PFC to help get the ball rolling, there is a real opportunity for creative businesses to access the interest free loan required to achieve their business growth ambitions. To take the first step, speak to the PFC team by clicking here or to apply for the business free loan, click here.