EU-Backed Partnership Unlocks Millions in Loans for Danish Creative and Cultural Sectors
(IN BRIEF) A new partnership between the European Investment Fund (EIF) and the Export and Investment Fund of Denmark (EIFO), backed by the EU’s InvestEU program, will provide DKK 300 million in loans to Danish businesses within the creative and cultural sectors. This initiative aims to improve access to capital for industries such as design, game development, IT, music, and filmmaking by offering loans at lower interest rates. The program addresses the financial challenges often faced by these sectors, such as rigid credit evaluations and limited access to funding, helping to unlock their potential for innovation and growth. The InvestEU program supports this effort, aiming to generate over €372 billion in investment by 2027.
(PRESS RELEASE) BRUSSELS/COPENHAGEN/LUXEMBOURG, 26-Sep-2024 — /EuropaWire/ — The European Investment Fund (EIF), in collaboration with the Export and Investment Fund of Denmark (EIFO), has secured a significant boost for Denmark’s creative and cultural businesses. Backed by a guarantee from the European Union’s InvestEU programme, this new initiative will make DKK 300 million in financing available to Danish enterprises in sectors such as design, game development, IT, music, film, and the arts.
The guarantee allows EIFO to offer loans under more favorable terms, including reduced interest rates, enabling creative businesses to access capital with less stringent credit requirements. This initiative addresses a common challenge faced by businesses in creative industries, which often encounter difficulties securing funding due to perceptions of higher risk.
“Access to financing continues to be a significant hurdle for creative and cultural enterprises, not only in Denmark but across Europe,” said Marjut Falkstedt, Chief Executive of the EIF. “This partnership aims to reduce these barriers by mitigating risk and channeling investment into sectors that are vital to our cultural and economic fabric.”
Signe Thustrup Kreiner, Chief Commercial Officer of EIFO, highlighted the potential impact of the new initiative, stating, “Creative industries have the ability to put Denmark on the global stage as catalysts for innovation, growth, and cultural renewal. By improving the financial terms available to these businesses, we hope to unlock their full potential.”
InvestEU Initiative Support
This agreement is part of the EU’s InvestEU programme, which aims to mobilize over €372 billion in additional investments by 2027. Creative industries are recognized as key drivers of economic growth and cultural identity within the EU, employing more than 7 million people and contributing 4.2% of the EU’s GDP.
The financing under this scheme provides an alternative to traditional support programs and subsidies, offering flexible loan terms and, in some cases, interest rate reductions of up to 4% for eligible businesses. This initiative will help overcome financial bottlenecks that have previously limited growth in these sectors.
For further details on the new loan program, visit EIFO’s website.
Background information
The European Investment Fund (EIF) is part of the European Investment Bank Group. Its central mission is to support Europe’s micro, small and medium-sized businesses (SMEs) by helping them to access finance. EIF designs and develops venture and growth capital, guarantees and microfinance instruments which specifically target this market segment. In this role, EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth, and employment.
The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable economy. It helps generate additional investments in line with EU policy priorities, such as the European Green Deal, the digital transition and support for small and medium-sized enterprises. InvestEU brings all EU financial instruments together under one roof, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub, and the InvestEU Portal. The InvestEU Fund is implemented through financial partners who invest in projects using the EU budget guarantee of €26.2 billion. This guarantee increases their risk-bearing capacity, thus mobilising at least €372 billion in additional investment.
EIFO is the national promotional bank and export credit agency of Denmark combined in one financial institution. Active in over 100 countries, and with a total business volume of more than EUR 20 billion, EIFO provides financial solutions for Danish companies and their global partners, while also investing in startups and funds. We exist to open doors for Danish global business, accelerate the green transition, promote new technologies and develop the Danish defense industry. With our willingness to take risks in financing, EIFO paves the way for those who dare to think bigger.
Media Contacts:
EIB Group:
Tim Smit
+352 691 286 423
t.smit@eib.org
European Commission:
Ignazio Cocchiere
+32 2 29 82261
ignazio.cocchiere@ec.europa.eu
EIFO:
Sara Kleist
+45 42 37 29 50
skl@eifo.dk
SOURCE: European Investment Fund
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