Funding for Cultural Industries

Aid for the cost of the guarantees for Cultural Industries

Subsidies to cover the cost of the guarantees required for obtaining loans to launch new projects or cultural activities.

Purpose

To meet part of the cost of the guarantees required to obtain the necessary loans for new cultural and creative industry projects.

Beneficiaries:

Subsidies for professionals and Spanish companies, from any EU member state, or the signatories to the Agreement on the European Economic Area which, regardless of their legal status, are registered as payers of the Economic Activity Tax, or if exempt from said Tax, present relevant proof of their registration, modification and elimination in the registry of employers, professionals and withholders in accordance with Order EHA/1274/2007 of 26 April, and which are dedicated to the production, distribution and/or marketing of Cultural Assets in the following areas: the performing arts, visual arts, cultural heritage, film, television, radio, video games and interactive arts, new communications media, music, books, press, architecture, design, graphic design, fashion design and advertising.

Procedure

These subsidies were formalised in 2009 by a co-operation agreement signed between the Ministry of Culture and Audiovisual Aval, S.G.R., to provide a line for covering the commissions charged for guarantees and for conducting a study on the guarantees formalised by SMEs in the cultural sector.

Interested parties can get information on these subsidies and submit their applications to AUDIOVISUAL AVAL, S.G.R.

Content

The aid consists of funding the cost of the guarantees granted by AUDIOVISUAL AVAL, S. G. R.

Financial conditions

The financial conditions of the Co-operation Agreement with the Mutual Guarantee Company are the following

• The operations will be processed and formalised according to the general procedures established by AUDIOVISUAL, S. G. R. for its members, in accordance with its Articles of Association. To be a member of AUDIOVISUAL, S. G. R. it is necessary to have stake of at least €300 in the company. Once the operation is formalised, 1% of the amount guaranteed as company shares will be paid out. In all cases, the amount will be fully reimbursed to the beneficiary once the guarantee has been cancelled.
• The guarantees issued will be of a financial or technical nature.
• Implementation: financial operations will be formalised in the corresponding deeds or policy of the loan, leasing, credit and guarantee.
• Interest rates and commissions of the financial institution: the interest rate will not be higher than the Euribor plus a differential of 3 %. Should ICO lines apply, the rate set out in the agreement shall be set. The initial commission applied by the financial institution will not be more than 2% of the formalised amount..
• Costs of the guarantee: the commission for the guarantee cannot exceed 1.5% of the total exposure. The commission for the study costs will not be more than 0.5% of the formalised amount.

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