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The above is correct, "the lending of money or the bearing of the customer's financial risk" is an excluded activity. The general rule for a trade that receives royalties or licence fees (ie the way a film generates income) is that it is excluded unless the EIS company creates "the greater part of it in terms of value" of the intangible asset. Just lending or providing a guarantee would prima facie appear to breach EIS rules. It only really applies if the EIS company is the principal producer of the film. See http://www.hmrc.gov.uk/manuals/vcmmanual/vcm17000.htm