Investment & Fund Management

Shiftworks, an events organization based in Estonia, faced significant challenges in managing cash flow for their festivals, particularly the Tallinn Music Week (TMW) and the Station Narva festival. The primary issue was the timing of revenue generation, which occurred after the festivals, while expenses for services needed to be paid upfront. This cash flow gap was critical, as it hindered their ability to sustain operations throughout the year.

To address this issue, Shiftworks secured an EU-guaranteed loan from Finora Capital, facilitated by the European Investment Fund (EIF) under the Cultural & Creative Sectors Guarantee Facility (CCS) and the EU’s Investment Plan for Europe. This tailored financial solution was specifically designed to support businesses in the cultural and creative sectors, which often struggle to access traditional financing due to a lack of tangible assets for collateral.

The results of this financial support were significant. The loan enabled Shiftworks to bridge the cash flow gap, allowing them to continue promoting local talent and culture through their festivals. The TMW not only showcased local artists but also fostered a sense of pride among citizens in Tallinn, enhancing the city’s cultural identity. Similarly, the Station Narva festival played a crucial role in revitalizing Narva, a city facing economic challenges, by connecting local youth to creative networks and boosting the local economy. This initiative generated hope and contributed to a positive transformation of the city’s image, demonstrating the profound impact that cultural events can have on community development.