Digital and creative SMEs based outside of London could soon take advantage of a new scheme for funding, helping to put money towards growth and recovery. While options such as invoice factoring and asset based finance are perhaps more reliable for solving cash flow problems, supplementing this with funding from the newly launched Creative England organisation is not an opportunity to be missed.
Creative England will be able to award interest free loans between £50,000 to £100,000 from a £1m fund in order to boost growth of new software, applications and content for growing markets, including TV development, healthcare, games, e-learning and mobile applications.
This fund is aiming to remedy the lack of bank lending for many SMEs. Loans and overdrafts are often out of reach for many businesses, meaning that even if there are growth opportunities companies are unable to take advantage of them. Getting interest free cash to help with this is an opportunity that many SMEs would jump at.
The digital and creative industries are filled with opportunities due to the fast pace of change within a number of sectors. Healthcare is always moving forwards, as is gaming and e-learning, and an extra injection of cash into the companies that enable this change will help businesses to make the most of these opportunities.
Rebalancing the economy is of course top of the priority list, and helping small businesses to reinvigorate key growth sectors will go a long way to getting the country back on track. The UK is well placed to take advantage of the potential for growth in the digital arena, and this fund will help SMEs to get on board.