The UK government has unveiled a major finance push aimed at helping creative businesses scale as part of a broader effort to unlock growth capital across the sector. Announced alongside The Big Creative UK Investment Summit in London, the measures form part of the government’s Creative Industries Sector Plan and signals an expanded role for the British Business Bank in backing creative firms.
The Bank is significantly increasing its support for the sector through its share of £4 billion ($5.3bn) allocated to Industrial Strategy priority industries. As part of this, it has made a £45 million ($60m) cornerstone commitment to Redrice Ventures, a specialist seed stage investor focused on creative businesses.
It is also exploring the use of existing financial guarantee capacity to support IP-backed lending, a move designed to encourage entrepreneurship and innovation following a request at the Autumn Budget.
Access to capital
Moreover, the Bank is working with Innovate UK and other public bodies to provide coordinated support from grants through to SME scale-up finance.
“The UK’s creative industries are world-class, with businesses at the cutting edge of their fields existing right across the country,” said creative industries minister Ian Murray. “Through the Creative Industries Sector Plan, we are determined to ensure they can continue to grow. Accessing finance is key to that, which is why we are working with [the] industry to open up more opportunities.”
Creative UK chief executive Caroline Norbury OBE commented, “This increased support from the British Business Bank is an important step forward for the sector, and I am pleased to see more initiatives being unveiled for the creative industries at our Summit today.
“As we look to unleash the full potential of the Sector Plan – access to finance for founders and creatives is a key driver for success, and we look forward to working with the British Business Bank and DCMS to keep widening access further.”
This article was first published on PocketGamer.biz.
Steve is an award-winning editor and copywriter with more than 20 years’ experience specialising in consumer technology and video games. With a career spanning from the first PlayStation to the latest in VR, he's proud to be a lifelong gamer.
