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New fund launched for creative industries

Date 25 Jun 2007
Author bdaily.info
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A new fund has been launched to encourage growth in the North East’s design and creative industries by providing finance to help developing companies reach their potential. £2.4 million in funding from One North East has been earmarked for turning the North East’s creative energy into commercial success. Finance and business support company NStar’s Design and Creative Fund will be invested in some of the area’s most inspired businesses and projects.

Applications are being invited from across a spectrum of industries including advertising, architecture, design, fashion, film, computer games, music, performing arts, visual arts, publishing, software, television and radio. Other companies may also be considered, as long as they have a clear and significant element of design or creative content.

Loans are expected to be around £60,000 in the first instance, backed up with advice, support, and potential follow on funding. In special cases further funding will be available. All applicants should show a potential to help boost the North East economy by generating unique intellectual property.

Mark Fenwick, Fund manager at NStar Design & Creative Fund, said: “Research shows that the design and commercial creative industries are a buoyant sector. In the North East, the areas with the most apparent demand appear to be digital media, film, gaming and content for platforms from Digital City. Another strong area in the region is music.

“We are not trying to be a bank or a lender of last resort; we sit somewhere in the middle. We don’t want to handle something that is a bankable proposition; we need to take a risk with projects that still have commercial potential. “We are looking for creative skills coupled with commercial talent.� If we can get that right in the North East then we will be well on the way to building a strong commercial creative sector.”

Anyone with a design or creative business idea to develop can visit www.nstarfinance.com or telephone 0191 211 2300 for more information.

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