Creative England is supporting creative digital businesses to finance growth through the provision of interest free loans.

The Business Loans scheme aims to help fuel the growth of the fastest growing sector in the UK economy, financing business expansion and new projects which will lead to the creation of new, high-quality jobs. The main objective of the scheme is to promote economic growth by providing secured interest free loans.

Loans of between £50,000 and £200,000 per application are available. A small arrangement fee of 5% of the loan value will be charged to cover assessment, due diligence, and legal and administration costs. The loan will be interest free for three years with very low repayments for the first 12 months, followed by equal repayments for 24 months.

Established digital companies based in the English regions outside of Greater London may apply. Examples of what is meant by ‘digital’: digital media and web (eg creative software development, digital media, web design, digital content), games (eg gaming and app development), e-commerce and software solutions.

Applicant companies should aspire to grow through their proposed activity and evidence of their capacity to support, nurture and exploit this growth potential will be essential to making a successful bid. Applicants will need to demonstrate both a clear route to market and their ability to realise the growth potential of the proposed activity in terms of job creation.

The following costs constitute eligible expenditure for Creative England Business Loans:

• Labour costs.
• External specialist costs.
• Capital equipment and materials costs where these assets are used solely for the project.
• Other costs: costs of production costs not covered above.

Examples of eligible projects may include the development of a mobile healthcare application, the development of a new game for tablet or mobile, or e-government content linked to a new service delivery model.

Applications are once again being accepted by Expression of Interest, on a rolling basis.

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From GRANTfinder