Creative UK has launched a fund aimed at small and medium-sized creative businesses in the North East of England. The non-profit organisation says its aim is to “give recipients the creative freedom to exclusively test ideas and develop a new product or service for the benefit of the sector”.
THE North East Shared Success Fund It is aimed at businesses in North Tyneside, Newcastle and Northumberland and offers up to £25,000 in funding for projects such as film, TV and games.
The beneficiaries will also be provided with “personalized support” such as workshops and one-on-one mentoring. Once the project is successful or reaches a certain financial threshold, they will be required to repay the loan interest-free.
According to Carol Bell, associate regional director, the North East Fund is aimed at “early stage creative businesses that are struggling with investment and cash flow as they develop new intellectual property and bring new products and services to market.”
“We hope to reach all specialties in the sector with this fund,” he continued. “The intention is that the repaid funding will then be reinvested to support other creative sector businesses in the future.”
Last year Creative UK had already financially supported the video game industry with a similar initiative £35m investment fundIn that case, it was helping the UK government’s plans to grow its creative sector and create a million new jobs by 2030.
The new fund, funded by the North East Combined Authority, was created specifically to act as a “stopgap between alternative creative grants and loan schemes”.
Further information about the North East Shared Success Fund, including how to apply, will be revealed on Thursday 19 September. Interested parties are encouraged to confirm their attendance for the Creative UK Zoom meeting Here.