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WDC offers business loans €5,000 to €25,000

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THE Western Development Commission (WDC) has launched a call for applications under its Micro-Loan Fund for Creative Industries. The fund is a pilot initiative, allocating €1m over a three year period from the Western Investment Fund to the creative industries sector.

The Micro-Loan Fund will operate on a competitive ‘Call for Applications’ basis with four calls in 2014, the third of which is currently open for applications, with a closing date of 30th September, 2014. Loans of between €5,000 and €25,000 are available to successful applicants. Applications will be accepted from the first working day to the last working day of each quarter (March, June, September and December).

Ms Gillian Buckley, Investment Manager with the WDC said “The fund is designed to support creative industries which, based on extensive WDC research, is an area of burgeoning growth potential within the region. Access to finance is an issue for Creative Industries and, as such, the fund seeks to ameliorate this issue through the provision of a timely and appropriate funding mechanism. The initiative points to the WDC’s commitment to enterprise development, and its focus on regional sustainability and growth through employment, enterprise and export.”

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Creative Industries are defined as “occupations and industries centered on creativity, for the production and distribution of original goods and services”.

The following 12 creative industries make up the creative sector and businesses from these sectors are eligible to apply: –

Advertising, Architecture, Art/Antiques trade, Crafts, Design, Digital media,
Fashion, Internet and software, Music, visual and performing arts, Publishing,
Radio and TV broadcasting, Video, film and photography.

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