Creative Europe to help channel €150 million to cultural and creative small and medium-sized businesses in Spain
- 2 years 3 weeks ago
- programme grantloan
On 23 January, a guarantee agreement, funded by the Creative Europe Cultural and Creative Sectors Guarantee Facility, was signed between the European Investment Fund and the Spanish Compañía Española de Reafianzamiento.
Under the scheme, EU funds will be used to guarantee loans made to small and medium-sized businesses in the Spanish creative and cultural sectors. The guarantee agreement will support loans made from the Compañía Española de Reafianzamiento, a Spanish public investment body, to regional lending institutions that will in turn provide an expected €150 million in loans to the creative and cultural sectors.
This agreement is the first one made as part of the Cultural and Creative Sector Guarantee Facility. The rollout of the guarantee facility, part of the cross-sectoral strand of the Creative Europe programme, began in 2016. A call for financial intermediaries is open until 30 September 2020.