Creative UK has launched a new £35 million fund called Creative Growth Finance II (CGF II) to support the growth of the UK’s creative industries sector. The ambitious investment fund aims to help the UK creative industry meet targets set in the UK Government and Creative Industries Council’s recently published Sector Vision to grow by £50 billion and create one million additional jobs by 2030.
The new CGF II fund will provide crucial investment capital to creative businesses across the UK. It follows the success of the first Creative Growth Finance fund which has invested over £17 million in more than 30 creative companies since its launch in 2019.
Companies backed by the original fund have experienced impressive growth, with an average 108% increase in monthly revenues, 39% headcount growth resulting in over 225 new jobs, and nearly £19 million in additional funding raised.
CGF II is being delivered in partnership with Triodos Bank, making it the largest single fund ever launched by Creative UK. In an article written by Business Leader, Caroline Norbury OBE, CEO of Creative UK said “Over the past decade the UK’s Creative Industries have grown more than 1.5 times the rate of the wider economy, currently generating £108 billion in economic value and employing 2.3 million people. However, this country’s talented creative businesses are experiencing a significant gap between their immense growth potential and access to the vital capital they need to succeed.
“In launching the Creative Industries Sector Vision, the Prime Minister Rishi Sunak acknowledged the ‘enormous potential of our creative entrepreneurs and businesses’ and said that ‘growing the economy means growing the creative industries’”.
Phillip Bate, Director of Business Banking at Triodos, recognizes the importance of creative industries. “Our partnership with Creative UK goes from strength to strength and continues to support companies at the forefront of innovation”
“For a bank only focused on financing projects with positive impact, we can see the social importance of these organisations to the UK. Creative UK’s expertise has been key to helping us grow our funding of this important sector.”
The UK government has emphasized the “enormous potential” of growing the creative industries as part of its vision for economic growth. Creative UK and its partners aim to unlock this potential through targeted investment funds like CGF II.#
To find out more information and check eligibility for the Creative Growth Finance II fund, visit: Creative Growth Finance – Creative UK (wearecreative.uk)
