Press Release: Cultural and creative sectors missing out on billions of euros in bank loans, study warns

The European Commission on 7 January 2014 published a study on access to finance for cultural and creative sectors. This study provides a much-needed in-depth review of the market potential of the EU's cultural and creative sectors. It analyses the sector's structure and disproves oft-heard clichés about its supposed lack of profitability. On a more detailed level it charts the specific financial needs of Europe's creative entrepreneurs as well as their difficulties in accessing private financing. Its results indicate that the new Creative Europe Guarantee Facility will provide a much-needed source of relief.

The study finds that a mismatch in supply and demand in the loans market means creative businesses are missing out on billions of euros in credit. In the next seven years, the financing gap could reach up to €13.4 billion, the study warns.

European Commission: DG Culture: Survey on access to finance for cultural and creative sectors http://ec.europa.eu/culture/key-documents/documents/access-to-finance-culture-and-creative-sector_en.pdf

ESO: Background information: "Creative Europe" Programme fully operational in 2014 http://www.europeansources.info/record/press-release-creative-europe-programme-fully-operational-in-2014/

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