The new North East Shared Success fund also provides creative enterprises in the area with support and 'creative freedom' to test their ideas.
Creative UK has started a fund targeted at small and medium-sized 'creative businesses' in North East England. The non-profit organization says its aim is to "give recipients the creative freedom to solely test ideas and develop a new product or service for the benefit of the sector."
The North East Shared Success Fund is aimed at enterprises in North Tyneside, Newcastle, and Northumberland, and offers up to £25,000 in funding for projects such as film, TV, and games.
Recipients will also be provided "tailor support" like workshops and one-on-one mentoring. Once the project succeeds or hits a certain financial threshold, they will be required to pay the funding back interest-free.
Per regional associate director Carol Bell, the North East Fund addresses "early-stage creative businesses struggling with investment and cash flow when developing new IP and bringing new products and services to market."
"We’re hoping to reach all specialisms across the sector with this fund," she continued. "The intention is that the repaid funding is then reinvested to support other creative sector businesses in the future."
Creative UK previously put financial support behind the game industry last year with a similar £35 million investment fund. In that instance, it was helping the UK government's plans to grow its creative sector and create one million new jobs by 2030.
The new fund, which is financed by the North East Combined Authority, was also made specifically to serve as a "stopgap between alternative creative grants and loans schemes."
More information on the North East Shared Success Fund, including how to apply, will be revealed on Thursday, September 19. Interested parties are encouraged to RSVP for Creative UK's Zoom meeting here.
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