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Regional growth agency Creative England has invested £1 million for creative and digital businesses in British regions with the launch of its Business Investment Fund.
Supported by the UK Government’s Regional Growth Fund, the £1 million is available in the form of interest free loans of between £60,000 and £100,000.
It is open to small and medium enterprises in the North, West Midlands and South West that are looking to develop new software, applications and content for expanding markets, including games and interactive entertainment.
As well as games, other areas that are eligible to apply for the fund include mobile applications, elearning, feature film production, cross-platform TV development, healthcare, business to business and government services.
“Creative England’s new investment fund from the Regional Growth Fund is fantastic news for the creative industry. The funding will be vital for giving those SMEs in the sector better access to finance and maintaining the UK’s reputation for innovation and creative ideas,” said Business Minister Michael Fallon.
“The Regional Growth Fund is helping to kick-start British business and is the Government’s commitment to encourage long-term employment, boost private sector growth and lead to a more balanced economy.”
Creative England’s director of business development, Jim Farmery, added: “Creative businesses bring energy, enterprise and innovation to cities and regions across England. Our funds support companies with innovative ideas for content development that have commercial potential but are struggling to get off the ground.
“Our first Business Investment Fund is already helping to develop pioneering projects as well as create and safeguard jobs in the regions from Newcastle to Newquay. This is another great opportunity for SMEs to benefit from investment as well as our business support service and we look forward to hearing from them.”
Creative England’s first business investment fund is helping SMEs in a variety of sectors across the UK. In Birmingham, this ranges from Portal Entertainment creating thrillers for the digital age to Soshi Games developing a Facebook-based virtual music festival game.
Creative England’s Business Investment Fund 2 is open to SMEs based in the North, West Midlands and far South West (Cornwall, Devon, Dorset, Somerset, Bristol and Bath).
To apply for the loan, applicants are required to complete a simple online expression of interest at Creative England’s request website. Once eligibility has been confirmed, applicants will be invited to submit a full application outlining their proposal and business case.
The deadline to register your interest is August 21st, 2013. Questions or requests for further information should be sent to business@creativeengland.co.uk
