First financial guarantee agreements signed

The first two guarantee agreements made through Creative Europe's Cultural and Creative Sectors Guarantee Facility have been signed between the European Investment Fund (EIF) and financial intermediaries in Spain and France.

The Compañía Española de Reafianzamiento, a Spanish public investment body, became the first institution to conclude a guarantee agreement with the EIF. The guarantee agreement is expected to generate up to €150 million worth of loans for Spanish small and medium-sized business active in the creative and cultural sectors.

French public investment bank Bpifrance has also signed an agreement with the EIF guaranteeing €30 million in loans for the creative and cultural sectors. Bpifrance expects to start lending from June 2017.

More countries will follow, with three applications currently in the final stages of the approval process. Applications from ten other countries are also being reviewed.

Cultural and creative sector companies interested in applying for the financial products made available through this strand must contact the financial intermediaries selected in their respective countries directly for more information.