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Support for the cultural and creative industries sector must go through a better access to financing tools for cultural enterprises, which face recurring difficulties and specific challenges: very important R&D investment needs, difficult access to private financing and traditional banking system.
These old characteristics led in particular in 1983 to the creation of Institute for the Financing of Cinema and Cultural Industries (IFCIC), which provides bank guarantees, loans and equity loans to the sector.
To ensure better access to financing for innovative companies in the sector, IFCIC created in December 2019 the Cultural and Creative Industries Innovation Loan Fund (FPINNOV).
Initially endowed with €25 million from the Fonds pour la société numérique (FSN) of the Caisse des dépôts et consignations, it aims to finance cultural enterprises presenting a model of digital, technological, use or economic disruption.
To continue this approach of support for innovative cultural enterprises, the capacity of this fund strengthened with an additional contribution of €50 million in the framework of France 2030.
Features:
- the participatory loan is a tool of intermediate financing between loans and own funds, it is equivalent to quasi-equity (according to the French Monetary and Financial Code)
- it allows the financing of the structuring companies and offering leverage on private financing (private banks, specialised credit institutions and equity investors)
- Simple terms: variable duration - generally in the medium term (max. 10 years), which may include a maximum deductible of 36 months
Eligibility:
- company (any type of legal structure), foundation or association active in the cultural and creative sectors
- for direct loans, do not be “in difficulty” within the meaning of European regulations
- TPE/European SMEs and Midcaps
Practical information:
- IFCIC site: www.ifcic.fr
- https://www.culture.gouv.fr/Divers/Outils-de-financement-des-entreprises-culturelles/Tous-secteurs-culturels/Pret-IFCIC
- For more information: http://www.ifcic.fr/vous-etes-une-entreprise-culturelle/comment-obtenir-la-garantie.html
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