Member Article

New design and creative fund for the North East

A new fund, the only one of its kind in the North East, has been set up to focus on supporting and developing the design and creative industry sector. The Design and Creative Fund aims to develop and progress early stage ideas into attractive business prospects.

The creative industries sector, as defined by the Department of Culture, Media & Sport, includes advertising, architecture, the arts, design, designer fashion, interactive leisure software, music, performing arts, publishing, software television, film and radio. Applications from other industry sectors are also encouraged, where there is a clear and significant element of design, or creative content.

Investments from the fund will help business ideas and projects through their riskiest stages, and aims to take them on to attract further funding. These are not grants, they are convertible loans and all applicants must have a keen eye on their market and their potential to succeed commercially.

Funding can be used to invest in physical assets and expand management teams as well as for market research and development. Applications are welcome from brand new businesses, those at an early stage and more mature companies, as long as they have an idea that will help them expand or diversify the region’s design and creative industries base.

The loans will be in the region of £60,000, but additional funding is available in the case of an exceptional application, or where follow on funding is required. The Fund is particularly encouraging applicants with high growth strategies and who have a clear vision of potential exit strategy.

For further information, contact Mark Fenwick at NStar on 0191 211 2316.

This was posted in Bdaily's Members' News section by Ruth Mitchell .