Spanish audiovisual arts receive business boost

IFACCA/Artshub,
29 July 2005, Spain

The Government has announced it has pledged the Spanish Institute for Cinematography and Audiovisual Arts (ICAA), an autonomous entity attached to the Spanish ministry for culture, €3 million to help meet the costs of setting up the new Audiovisual Reciprocal Bond Company (Sociedad de Garantía Recíproca del Audiovisual, SGR). It is anticipated that the creation of SGR will be a key tool to enable better financing of the audiovisual sector, because it will allow companies within the sector to negotiate better conditions with credit agencies. This is expected to lower costs and permit better access to credit with lower debt. SGR also hopes to achieve social benefits, such as the granting of personal guarantees, by endorsement or by any other suitable means, in favour of partners for the financial operations that they carry out within the activities of production, distribution, exhibition or other specific activities of the technical industries. Considerable support has been shown for the creation of SGR which will also advise on matters of tax accounting, and provide assistance and subsidy services for existing arts businesses. For further information, CLICK HERE