The Western Development Commission (WDC) has launched its second call for 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 is now looking to increase its disbursals over 2013.
Creative industries are defined as occupations and industries centred on creativity, for the production and distribution of original goods and services.
There are 12 creative industries that 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.
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,” Gillian Buckley, Investment manager with the WDC said.
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.
The fund is a pilot initiative, allocating €1m over a three-year period from the Western Investment Revolved Fund to the creative industries sector.