New £40m fund for creative sector
CIF publishes new finance guide for cultural and creative organisations.
A new £40m fund has been set up to provide finance for the creative industries sector. announced at launch of Creative industries – routes to finance
The new fund, run by fund managers Edge Investments and backed by the Government’s British Business Bank, will be available to “fast growing small and medium sized creative industries, which have access to core intellectual property assets.”
The news comes as the Institute of Chartered Accountants in England and Wales (ICAEW) and the Creative Industries Federation launched a new guide to sources of funding and investment for arts, cultural and creative organisations publication: Creative industries – routes to finance includes information on public investment, philanthropic support and corporate partnerships and private capital. It also gives advice on working with professional advisors. Amongst the contributors to the guide is the National Theatre, which has pioneered new ways of accessing funds.
John Kampfner, chief executive of the Creative Industries Federation said: “There are many hardworking and successful businesses - both public and private - in the arts and creative industries but we all know there is always more that can be done to develop new sources of funding and build financial resilience. This publication is an enormously practical how-to guide that will be of huge service in identifying all possible ways sources of funding in these challenging times. It also highlights the importance of financial skills and expert professional advice.”
Michael Izza, Chief Executive of ICAEW, said: “The creative industries sector needs a way of combining public, philanthropic and private investment even more effectively if it is going to continue to thrive. Next week we have the Comprehensive Spending Review (CSR) and arguably investment will be needed more than ever before as the sector wrestles with reduced government spending.”
David Glick, founder and CEO Edge Investments said: “There are nearly 160,000 creative industries businesses in Britain yet despite being in this high growth sector, many of them find it difficult to attract adequate capital to maximize their potential. Our new Edge Creative Enterprise Fund aims to fill that funding gap.”