Creative England has launched a £24 million fund to support creative businesses in the UK. The fund, in partnership with Triodos Bank UK, is targeting SMEs seeking growth capital.
The fund, which will be deployed across the creative industry, comes at a time when traditional lending to SMEs has reached an all time low. Currently, 72% of creative SMEs receiving funding suffer from a lack of growth capital. A problem that’s been keenly felt in the games industry particularly, as we saw today with the launch of Hiro Capital, which also aims to fill a long-standing funding gap in games.
Addressing the need for this fund, Creative England CEO Caroline Norbury stated: “Our country’s greatest industrial asset is our people and their ideas. If we want to translate from ambition to bottom line growth, then continual investment is a must. The launch of today’s fund ensures a shift in the ecosystem for lending across the creative industry”
Creative England, founded to replace the UK Film Council in 2011, provide counsel for SMEs receiving their funding. As a result, Creative England claim that 83% of the business they support succeed past their third year, in comparison to the national average of 60%.
The organisation has a history of funding video games, such as the 2016-17 Gameslab initiative, which saw £157,000 invested in 13 new titles.