The WDC’s Micro-Loan Fund: Creative Industries is an “Access to Finance” initiative developed on a pilot basis that is now mainstreamed.
Due to the success of the pilot, the fund has been established on a permanent basis. It is open to sole traders, partnerships, businesses, co-operatives and groups operating in the creative industries sector, and provides loan finance ranging from €5,000 to €25,000.
The term of these loans ranges from one to five years with an interest rate of the prevailing EU Reference Rate for Ireland (http://ec.europa.eu/competition/state_aid/legislation/base_rates_eu28tris_en.pdf) plus 650 basis points (6.5%). Repayments are made on an amortised basis by monthly direct debit.
The following 12 creative industries make up the creative sector. Businesses from these sectors are eligible to apply: –
- Art/Antiques trade
- Digital media
- Internet and software
- Music, visual and performing arts
- Radio and TV broadcasting
- Video, film and photography