The aim of Creative England's Business Investment Fund is to help small-to-medium businesses and studios "who have innovative new ideas for content development backed with commercial exploitation opportunities." Funding – available in the form of interest-free loans – will available in the following categories:
- Mobile applications
- Games and interactive entertainment
- Cross platform TV development
- Business to business
- Government services
Creative England says the fund "will typically support companies looking to develop new cross-platform applications or content related to new applications for the above markets. Proposals such as a mobile healthcare application, the development of a new game for tablet or mobile, or e-government content linked to a new service delivery model, may all be eligible for funding."
Creative England says the £1 million fund will be available as interest-free loans on a matched funding basis. In other words, if you need £100,000 to develop your idea, you’ll need to put up 50% of the money, with Creative England contributing the other 50% in the form of a loan.
Creative England’s business investment fund is part of the UK government’s Regional Growth Fund, with priority given to companies in the North, West, Midlands and South West.
To be considered for Creative England loan you’ll need to apply between now and Friday 12 October 2012 – but don’t worry if you miss out in the first round. The £1 million that’s been made available so far is the first element of a £5 million award Creative England has been given.