Small Belgian media company goes from strength to strength thanks to EU leg up
Video Promotion, a Belgian company specialised in fitting out and equipping television studios is defying the economic crisis by making the most of the opportunities at hand. Start-up support from the European Commission proved instrumental in jump-starting its growth strategy.
Two Belgian entrepreneurs, Michel Loiseau and Bruno Thieffry, took over the company in 2006 following the retirement of its owner. In these difficult economic times, obtaining a bank loan to cover the €300 000 start-up capital they needed to get the business up-and-running was a big challenge.
EU backed funding helped them overcome this hurdle. On behalf of the European Commission, the European Investment Fund (EIF) provides guarantees to financial intermediaries, reducing their exposure to risk. “The ‘Brussels Guarantee Fund’ and the ‘Brussels Participation Fund’ helped us to get a bank guarantee, extra funding and guarantees from the company seller”, the entrepreneurs explain. "They also supported and reviewed our business plan. Once approved, the process went quickly and dealings were much easier."
The two used the funding to turn their project into a profitable small business, raising the turnover by 15 %and expanding staff from 8 to 14 staff.
The company successfully adapted to the changing media technology environment. It attracts clients thanks to its use of the latest technology and has expanded on the international market: a significant contract was concluded in December 2010 with Public Senat TV in France, and the firm recently opened an office in Paris.
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