A unique collaboration between First Enterprise Business Agency and the Arts Council East Midlands, the project is designed to plug the gap in the market between the creative process and business success. First Enterprise will support emerging talent and new ideas, helping bring ideas towards investment and market readiness.
The First Enterprise Creative Industries Loan Fund has been established to be responsible for the development of Creative Industry Businesses in the East Midlands.
We wish to help creative people and businesses by fostering talent and supporting the development of a dynamic,creative and innovative sector.
Our vision is to:
Invest in creative people and products that originate from a broad range of cultures,backgrounds and experiences that will contribute to the economic, social and cultural prosperity in the East Midlands.
Contribute to the regions economic strategy to enable the Creative Industries sector to grow and thrive in the East Midlands.
Significantly increase the national and international profile of the Creative Industries sector in the East Midlands.
To provide high quality business support services to the Creative Industries sector and produce stronger, healthier and more competitive Creative Industry companies.
The FEBA Creative Industries Loan Fund is a new scheme launched 4th November 2005 and is designed to help the East Midlands entrepreneurs get their ideas to market. A unique collaboration between First Enterprise Business Agency and the Arts Council East Midlands, the project is designed to plug the gap in the market between the creative process and business success. First Enterprise will support emerging talent and new ideas, helping bring ideas towards investment and market readiness.
Loans between five and twenty thousand pounds are available for new and existing small companies with creative ideas that have commercial potential, in the areas of:
Arts and Antique Markets
Film and Video
Inter – Active Leisure software
The Performing Arts
Television and Radio
What is the First Enterprise Business Agency Loan Fund?
It is designed to provide financial support and advice to Small and Medium sized Enterprises (SMEs), predominantly within Black and Minority Ethnic (BME) group communities, that work or wish to work within the creative industries in the East Midlands. This comprises the following sectors: advertising, architecture,art and antique market, crafts, design, designer fashion, film and video, interactive leisure software, music, performing arts, publishing and television and radio.
The aims of the Creative Industries Loan Fund are to increase the viability and sustainability of creative businesses, encourage job creation and support overall growth of the sector in the East Midlands.
Who can apply?
This project is aimed at providing a support service to small businesses predominantly within BME communities throughout the East Midlands. It is not exclusive but the project guarantees that at least fifty percent of business support will go to BME small businesses working in the creative sector. You can apply for a loan if you:
are a new or established creative business undertaking commercial activity
have or are prepared to set up a bank account in the name of your business
have sought and received appropriate business advice and training.
What can you apply for?
The scheme will provide loans for both capital and revenue expenditure between five and twenty thousand pounds. You will however have to contribute thirty percent of the total funds from your own source as we are only able to provide seventy percent of the overall costs.
Expenditure that could be funded includes:
start up costs e.g. legal costs etc.
office or workspace costs
purchase of IT, arts and other equipment
marketing and promotion costs.
We expect to receive more good applications than we will be able to fund and consequently do not expect to be able to fund all proposals that successfully meet our criteria.
What you need to provide with your application?
To apply for a loan you will need to complete the First Enterprise Creative Fund application form.
In support of the application we will need to see:
an up to date and comprehensive business plan giving a detailed description of the business, its objectives and plans.
Latest annual accounts if an existing business.
A two year cash flow forecast for the proposition you wish to be funded.
Evidence of any recent business advice received or training attended.
Quotes or estimates for capital project items
Proof of thirty percent match funding.
How are applications assessed?
Following your first enquiry, one of our Economic Development Officers will work with you to support your application. The Officer will make you aware of the date of a panel meeting where your proposition will be appraised, you will be required to attend this meeting to present your proposal. The panel will make a decision within the day and you will be informed in writing as soon after the panel date as reasonably possible. During the panel process consideration will be given to how you have developed your proposal and how it will assist you in starting or developing the business. The panel will look at the viability and sustainability of your proposal and consider whether the targets you have set are realistic and achievable including your abilities to repay the loan.
When can you apply and how long will it take?
The first Enterprise Creative Industries Loan Fund is a rolling programme scheduled to run until at least the end of June 2007. Once your appointed advisor is satisfied that your application is complete and all the necessary information is available for the panel, they will prepare a submission on your behalf to the panel. The panel will meet usually once a month to which you will be required to attend. A decision will be made shortly after the panel sits and a written advice will be sent to you within seven working days.
Who do I contact?
First Enterprise Business Agency
90, Radford Road
Tel: 0115 9423772
And ask to talk to one of our Creative Industries Economic Development Officers.