Creative Growth Finance to ring fence £2m of investment funds to support businesses from ethnic minority backgrounds
Creative Growth Finance, the specialist lender for the creative industries, has today announced that £2m of its landmark £24m Debt Fund will be ring fenced to support talent and businesses from Black, Asian and minority ethnic backgrounds.
The initiative aims to address the imbalance of diversity among business leaders within the creative industries, and support the promotion of diversity and inclusion throughout the sector.
The ring fenced funds will be available to UK companies within the creative industries with an executive team where at least one third are from ethnic minority backgrounds, as well as those creative businesses focussed on producing content or tools which promote diversity and inclusivity. Applicants must also meet Creative Growth Finance’s wider criteria, requiring at least one year of accounts filed at Companies House, and a most recent annual turnover of at least £300,000.
Mehjabeen Patrick, Chief Financial Officer at Creative Growth Finance, said: “While the UK’s creative industries continue to push boundaries through the diversity of their content and the stories they tell, it is still too often the case that those behind the scenes do not reflect the breadth of backgrounds and experience found across our society. This is especially true at business leadership level, where opportunities for progression are, or appear, unattainable to many. In ring fencing part of the Creative Growth Finance Debt Fund to address this issue, we hope to recognise and support the UK’s wealth of diverse talent and creativity and accelerate their growth.”
The Creative Growth Finance Debt Fund was established last year by creative industry experts Creative England and ethical bank Triodos Bank UK.