In the UK the creative sector is worth a massive £71 billion per year to the economy but many businesses find it hard to make the step from being a successful project to a sustainable business.
Creative Industry Finance launched last year in a bid to support these enterprises reach their goal and RateSetter has seen this as a perfect opportunity to help the artistic and cultural entrepreneurs of the nation secure funding and give them the potential to grow.
The programme is funded by Arts Council England and delivered by Creative United – a Community Interest Company designed to primarily support the creative economy in the UK through a range of products and has so far provided funding for over 50 businesses.
“The UK's creative industries span a multitude of disciplines which are important drivers for economic success. Our partnership with Creative Industry Finance shows the potential of peer-to-peer lending to bring together different sectors, recognising artistic enterprises’ place on the world stage.”
This move by RateSetter is one of many initiatives that the platform has joined as they look to broaden their knowledge and finance around a number of sectors. The P2P lender also works with giffgaff and Commuter Club to provide alternative methods of financing everyday necessitates such as mobile phones and travel.
Rhydian Lewis continued:
“The driving ethos behind launching RateSetter was our belief that there must be an alternative to financing loans that offer customers a better deal. This is a fantastic opportunity to support a vital part of the UK’s economy, fostering innovation and helping to take creative ideas to fruition.”
Alongside providing the correct and suitable finance for these unique enterprises, Creative Industry Finance also offer much needed support and guidance to help them develop into a sustainable business.
Sarah Thirtle, Head of Business Lending Programmes at Creative United, explained:
“The country’s creative and cultural businesses have described facing barriers to accessing finance. Our mission is to support the growth and development of the sector by unlocking new sources of finance by working with partners from across the public and private sectors.
“We’re delighted to welcome RateSetter to our lending partner network. This means we will be able to offer an even greater choice of finance options to the companies we are supporting under our Creative Industry Finance programme, helping us to better meet their business needs and fuel their growth potential.”