Creative UK launches funding initiative for creative businesses in North East England
Fund will provide up to £25,000 and support for small to medium sized enterprises
Creative UK has launched a new funding initiative to support game developers and other creative businesses in North East England.
Created in partnership with the North East Combined Authority, the North East Shared Success Fund will support small and medium-sized enterprises located in Northumberland, Newcastle, and North Tyneside.
Businesses can apply for up to £25,000 during development of products and services. Once their project succeeds or reaches a specified turnover threshold, they will repay the investment back interest-free.
The initiative also provides workshops, mentorship, and assistance during the process.
"Many early-stage creative businesses struggle with investment and cash flow when developing new IP and bringing new products and services to market," said Creative UK associate regional director Carol Bell.
"Investment in a creative idea is central to the growth of the creative industries, and with it the creative economy, which is why we're hoping to reach all specialisms across the sector with this fund.
"The intention is that the repaid funding is then reinvested to support other creative sector businesses in the future."