On 13 June 2018 the European Investment Fund (EIF) announced the launch of a capacity building programme for financial intermediaries in the Cultural and Creative Sectors (CCS). Selected by the EIF, KEA European Affairs partnered with Deloitte Digital to provide the scheme operating under the Cultural and Creative Sectors Guarantee Facility.
The Facility is a €250 million guarantee fund launched in June 2016 in the context of the Creative Europe programme. The CCS Guarantee Facility is managed by the EIF on behalf of the European Commission. It is designed to strengthen the competitiveness of the cultural and creative sectors by providing guarantees to participating financial intermediaries. The facility is expected to create more than €600 million in loans and other financial products.
The capacity building scheme is made available to financial or credit institutions, leasing companies or loan funds as well as guarantee institutions, guarantee schemes or other financial or credit institutions from 33 countries in Europe. So far, 8 financial institutions from 6 countries are part of the scheme which aim is to stimulate investment in the CCS and improve the ability of financial intermediaries to appreciate investment opportunities.
According to Philippe Kern, Managing Director of KEA: ‘the €250 million Guarantee Facility for the CCS is a serious political and financial commitment from the EU to support the development of creative industries in Europe. We see this as an extraordinary opportunity to build bridges between the CCS, which represents more than 6 million jobs in the EU and the financial sector. The scheme should help European creative industries to scale up and be competitive locally as well as internationally and contribute to Europe’s innovation capacity’.
KEA calls on cultural and creative entrepreneurs to share their experience in raising bank finance.
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About the CCS
According to Eurostat there are more than 2 million enterprises in the cultural and creative sectors representing more than 6 million jobs (2014 figures). The CCS sector includes architecture, museums, libraries, crafts, art, audiovisual, music, design, performing arts, festivals, publishing, radio, videogames, and visual arts.
The European Investment Fund (EIF) is part of the European Investment Bank group. Its central mission is to support Europe’s micro, small and medium-sized businesses (SMEs) by helping them to access finance. EIF designs and develops venture and growth capital, guarantees and microfinance instruments which specifically target this market segment. In this role, EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth, and employment.
Deloitte Digital provides a wide range of Digital and Advisory services to public and private clients. With a globally connected network of member firms, Deloitte Digital brings world-class capabilities and deep local expertise to help clients in the financial services industry as well as in the Cultural and Creative Sectors to succeed wherever they operate.
KEA European Affairs is an international policy design research center specialised in culture and creative industries, economics and sports. Since 1999, KEA has been a pioneer in the field of cultural and creative industry policy. KEA advises territories, organisations and people to unlock the potential of culture and creative industries.
KEA manages the b.creative network, a unique community of 2,500 creative entrepreneurs, incubators, hubs, networks and associations, in 100 countries.