Loan fund launched for creative businesses1 August 2012
.Creative England has launched a £1m business development fund for small businesses that are looking to develop new software, applications and content.
The fund will typically support companies looking to develop new cross-platform applications.
It will target such markets as healthcare, government services, games, business-to-business, e-learning, and mobile applications.
"By launching this programme I hope we can stimulate the development of some really interesting content and applications and support projects that otherwise would have struggled to get off the ground," said Jim Farmery, Creative England's director of business development.
Creative England will make the funding available via interest free loans of between £50,000 and £100,000 per application, which will be matched 50/50 with the company sharing the development costs.
It will be open to small businesses outside London, with priority given to companies based in the north, West Midlands and South West. It is the first element of a £5m award from the government's Regional Growth Fund to Creative England in April 2012.
Enterprise minister Mark Prisk said: "Small businesses are the lifeblood of the economy, and we want to encourage more people to discover their entrepreneurial spirit and exploit new opportunities.
"This scheme, which has benefitted from the Regional Growth Fund is the right kind of support to help creative and digital businesses get off the ground and develop new and exciting