The creative industry has received a £40million funding boost following criticism that the sector was lacking investment. This funding is set to benefit many contractors and freelancers who work within this sector.
The British Business Bank has confirmed that they would back Edge Creative Enterprise Funds, which is a private equity fund, who will provide £24million.
It is now expected that digital firms will receive “high growth” as the funding and mentoring will both “assist” and “nurture” creative businesses by providing mentoring. Opportunities for freelancers could also be increased creating demand for experienced skilled individuals.
On behalf of the British Business Bank, Ken Cooper commented on the government-backed institutions’ first direct investment into the creative industry:
“The creative industry is of increasing importance to the wider UK economy and we are particularly pleased that this fund will ensure these high-growth businesses have access to the finance they need to scale.”
Chief executive of Edge Creative Enterprise Funds, David Glick, added:
“There are nearly 160,000 creative industries businesses in Britain yet despite being in this high growth sector, many of them find it difficult to attract adequate capital to maximize their potential.”
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