This agreement is facilitated by the European Commission under the Cultural and Creative Sectors Guarantee Facility and the European Fund for Strategic Investments, a part of the Investment Plan for Europe. It will allow access to financing to the often small cultural and creative businesses, active in some of the most impacted sectors in the economy, providing a path out of the crisis towards sustainable growth.
Commissioner for Internal Market, Thierry Breton, said:
“Culture and creators need our support in the COVID-19 crisis. Today's agreement with Triodos Bank and the European Investment Fund, supported by EFSI under the EU Cultural and Creative Sectors Guarantee Facility, will unlock up to 200 million in loans to culture and creative businesses in Spain, Belgium, the Netherlands, and Germany. It will help their recovery so that they continue contributing to Europe's rich cultural landscape.”
Launched under the framework of the Creative Europe programme, the EU Cultural and Creative Sectors Guarantee Facility benefits micro-businesses and medium-sized enterprises (SMEs) in the cultural and creative sectors, which often face difficulties in accessing affordable debt financing for their projects. This initiative will guarantee up to €2 billion of new loans for thousands of cultural and creative SMEs. The Investment Plan for Europe has so far mobilised €546.5 billion of investment across the EU.
A European Investment Fund press release is also available.