The European Union’s MEDIA Programme is launching a new production guarantee fund, worth 8m euros
The European Union’s MEDIA Programme is planning to launch a MEDIA Producton Guarantee Fund in the second half of 2010.
The purpose of the new fund is to support and facilitate the access of European audiovisual companies to bank loans by providing financial guarantees for their borrowing.
Over the next four years, Euros 8m will be available to cover a certain percentage of the loss of the bank should the producer be unable to repay the loan.
Speaking to ScreenDaily, Aviva Silver, head of the MEDIA Programme, looked back on the Fund’s genesis: “Finding the checks and balances and putting in place a scheme that would reach the right producers has been quite a complicated procedure,” she recalled.
Silver said that she had been “encouraged” by the number of organisations who have responded to the call for expressions of interest to run the Fund. “After the deadline of April 15, we will then evaluate and select one or more beneficiaries to submit to the Commission. Euros 2m are fixed in the work programme for this year, but it could possibly be more for future years.”