The banking industry has pledged its support for the UK creative industry with the launch of a new toolkit to help small creative businesses access the right funding.
The toolkit is being launched by Better Business Finance (BBF) - a long-running initiative from the British Banking Association (BBA) and many of the UK’s leading high-street lenders -which provides impartial guidance and support to businesses and entrepreneurs.
The banking industry has been working closely with the Creative Industries Council and Creative England over the last year to ensure that growing, IP-rich businesses understand what banks can offer them, and help them navigate the financial maze.
Banks hope that this new toolkit will help businesses in the creative industries better understand the range of finance options available to them from providers including both banks and alternative lenders.
Caroline Norbury CEO of Creative England, and chair of the Access to Finance subgroup for the Creative Industries Council said: “We know there is a knowledge-gap among creative businesses who regularly struggle to know where and how to access finance. Information can be hard to find and extremely complicated to navigate. This new toolkit is very much welcomed as it will help demystify the funding landscape for creative entrepreneurs and let them understand what help is available where.”
The creative industry is worth £8.8 million pounds every hour to the UK economy. It is the fastest growing industry sector, and employs one in every 12 people across the country.