In addition to the initial €121 million the European Fund for Strategic Investments have provided the Cultural and Creative Sector Guarantee Facility with €60 million to strengthen SMEs in the sector. It is done through the Creative Europe Programme and it aims at supporting the scaling up of culture and creative projects and to make the m more competitive. The expectations are that this action will make €1 billion available as loans to the SMEs in the CCS (Culture and Creative Sector).
The guarantees will allow banks and other financial institutions from an enlarged number of countries to significantly increase financing for projects in the cultural and creative sectors. The Capacity building programme will help the financial sector improve its understanding of the creative sectors and encourage the financial intermediaries to become more active lenders to creative SMEs in the future.
Financial guarantee facility for the cultural and creative sector
When launched in 2016 this instrument for SMEs in the Creative and Culture Sectors this guarantee facility aims to enhance the access to finance in order to support growth and competitiveness in a sector with many challenges.
Read more about the Financial Guarantee Facility and get answers to some important questions:
Digitisation and Digital Preservation are very interesting opportunities and challenges for the CCS SMEs. With new Technologies like AR and VR the Cultural heritage of Europe can be accessible for all Europeans - and there is a lot of work to do and new Business Models to be developed.
Read more about it here...
SME Academy 2017