EU guarantees fund for audiovisual production
The MEDIA Production Guarantee Fund, a guarantee fund launched by the European Commission aimed at facilitating access to bank financing for SMEs, was presented to film producers and representatives from Italian banks yesterday in Rome (and today in Milan).
This new tool, which is in addition to traditional subsidies, aims to guarantee loans from national banks to film producers in the 32 MEDIA countries - that is, the EU member states, members of the European Economic Area, as well as Switzerland and Croatia.
The fund, which provides €8 million intended to guarantee loans of between €64 and €160 million, will be operational as from 2011 and is run by two private financial organisations commissioned by the European Commission: the French Institute for the Financing of Cinema and Cultural Industries (Institut pour le Financement du Cinéma et des Industries Culturelles, 'IFCIC') and Spain's Guarantee Society for the Audiovisual Sector (Sociedad de Garantia reciproca para el Sector Audiovisual, 'Audiovisual SGR') .
For further information, click here.
(Translated from Italian)
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