The Western Development Commission (WDC) has launched its third call for funding applicants under its Micro-Loan Fund for Creative Industries. The fund has already had two very successful calls and has disbursed €120,000 to creative businesses in the Western Region and looks forward to increasing its disbursals over 2013.
The fund is a pilot initiative, allocating €1m over a three year period from the Western Investment Fund to the creative industries sector.
The Micro-Loan Fund will operate on a competitive ‘Call for Applications’ basis with four calls in 2013, the second of which is currently open. Loans of between €5,000 and €25,000 are available to successful applicants. Applications will be accepted from the first working day to the last working day of each quarter (March, June, September and December).
Ms Gillian Buckley, Investment Manager with the WDC said “The fund is designed to support creative industries which, based on extensive WDC research, is an area of burgeoning growth potential within the region. 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 centered on creativity, for the production and distribution of original goods and services”.
The following 12 creative industries make up the creative sector and businesses from these sectors are eligible to apply:
Internet and software
Music, visual and performing arts
Radio and TV broadcasting
Video, film and photography
For further details, please visit www.wdc.ie/microfundci