Vassiliou welcomes Council support for 'Creative Europe'; sets out vision for new loan guarantee facility
I am particularly happy that the Council supports the Commission's proposal to bring together the current funding programmes in the cultural and creative sector.
I consider that the intrinsic value of culture and its important contribution to growth and jobs are not mutually exclusive. Our proposed programme is designed to contribute to both the economic and social objectives of the Europe 2020 strategy.
Today, no less than 55% of EU funding under the current Culture Programme goes to SMEs with fewer than 11 employees. This will continue under the new programme.
The loan guarantee facility will be complementary to the grants that the EU offers; we have no intention to replace grants. Our proposal responds to a clear need, expressed by SMEs, who find it difficult to obtain credit.