Investment & Fund Management

The European Investment Fund (EIF) and the European Commission launched new COVID-19 support measures under the Cultural and Creative Sectors Guarantee Facility (CCS GF) to address the significant challenges faced by over 2,500 businesses in the cultural and creative sectors due to the pandemic. These businesses experienced severe working capital and liquidity constraints, necessitating immediate financial support.

To alleviate these issues, the EIF introduced enhanced guarantee terms aimed at incentivizing financial intermediaries to offer more flexible financing options to small and medium-sized enterprises (SMEs) and Small Public Enterprises within the sector. The EIF committed to providing guarantees and counter-guarantees to these intermediaries, ensuring continued access to financing for affected businesses. This initiative allowed existing financial intermediaries to access the support measures without the need for new applications, while new providers could apply through an open call for expression of interest.

As a result of these measures, the EIF has made available EUR 1.55 billion in debt financing specifically for the cultural and creative sectors, supporting 2,071 enterprises across various sub-sectors, including news media, audiovisual, design, visual arts, music, and architecture. This targeted financial assistance was crucial in helping these sectors navigate the unprecedented economic impact of the COVID-19 crisis, reinforcing the importance of cultural and creative industries in society.