The Western Development Commission (WDC ) has launched its second call for funding applicants under its Micro Loan Fund for Creative Industries. Following a very successful first call in June of last year, the fund has already 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 Revolved Fund to the creative industries sector.
The Micro-Loan Fund will operate on a competitive Call for Applications basis with four calls in 2013. Loans of up €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.”
The WDC Micro-Loan Fund: Creative Industries is open to: sole traders, partnerships, businesses and groups operating in the creative industries sector. This is defined as: Occupations and industries centred on creativity, for the production and distribution of original goods and services. The preference is for businesses to be incorporated ie, a company limited by shares or a company limited by guarantee but non-incorporated businesses will be considered.
The following 12 creative industries make up the creative sector and businesses from these sectors are eligible to apply:
Advertising
Architecture
Art/Antiques trade
Crafts
Design
Digital media
Fashion
Internet and software
Music, visual and performing arts
Publishing
Radio and TV broadcasting
Video, film and photography.
