The creative and finance industries are joining forces in an initiative underway in the North West, England designed to create financial start-up support for creative businesses.

Culture Finance north west, supported by Arts Council England and the Northwest Development Agency (NWDA), aims to help make finance available to people starting or running businesses in the creative industries. The scheme is described as match-making the financial sector with creative industries, offering a start to finish process including assisting businesses to find finance through to the loan application process.

Culture Finance currently operates two schemes: Micro-credit for individuals and organisations needing loans around £3000; and Small to Medium scale loan assistance for securing loans of £5000 or more. Sue Peters, Director of Culture Finance north west, said that the match-making process can hold benefits for both parties. ‘Culture Finance north west can introduce creative businesses to a wide variety of loan providers – from community-based lenders right through to the traditional high street banks – depending on each business’s individual requirements.’ ‘We can also assist loan providers in their assessment of loan applications by tapping into the specialist knowledge of agencies such as Manchester CIDS, Merseyside ACME and North West Vision,’ she explained.

Steven Broomhead, Chief Executive of NWDA, said that the organisation was supporting the new initiative with more than £500,000. ‘The NWDA is providing over half a million pounds for this initiative and I am looking forward to seeing the region reap the benefits,’ he said. ‘By working in partnership we hope to develop the Northwest’s cultural offer to ensure we become one of the UK’s leading regions for creative industries.’.

http://www.artscouncil.org.uk/pressnews/press_detail.php?rid=5&id=102&page=9