Creative businesses could benefit from micro-loan initiative

The Western Development Commission is urging people involved in the creative industries who are in need of finance to apply for the latest tranche of funding available under its micro-loan scheme.

The finance is available through the pilot initiative - Micro-Loan Fund for Creative Industries. The fund is allocating €1 million over a three-year period from the Western Investment Fund to the creative industries sector.

This is the fourth call for applications to the fund this year and the closing date is December 31.

Loans of between €5,000 and €25,000 are available to successful applicants.

Ms Gillian Buckley, investment manager with the WDC, said the availability of finance is often an issue for creative industries.

“The fund is designed to support creative industries which, based on extensive WDC research, is an area of burgeoning growth potential within the region,” she outlined.

“Access to finance is an issue for creative industries and, as such, the fund seeks to ameliorate this issue through the provision of a timely and appropriate funding mechanism. “The initiative points to the WDC’s commitment to enterprise development, and its focus on regional sustainability and growth through employment, enterprise and export.”

Creative industries are defined as “occupations and industries centred on creativity, for the production and distribution of original goods and services”.

Businesses eligible to apply include advertising, architecture, art and antiques trade, crafts, design, digital media, fashion, internet and software, music, visual and performing arts, publishing, radio and TV broadcasting, video, film and photography.

For further details, visit www.wdc.ie/microfundci or contact, Gillian Buckley, investment manager, Western Development Commission on (087 ) 2236982.

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