£500k investment for North West England's creative sector

£500k investment for North West England's creative sector
Will Freeman

By Will Freeman

December 7th 2009 at 11:02AM

Northwest Vision and Media provides financial boost to local digital companies

Trade body Northwest Vision and Media has worked in partnership with the Northwest Development Agency to provide a further £500,000 in funding to support the region's creative and digital companies, including game developers.

The funds are to be made available small and medium sized firms through the Regional Attraction Fund (RAF), and are intended to support business and product development to enable growth and boost local economy. A total of £537,695 has been made available, in packages ranging between £10,000 to £50,000, contributing to an RAF investment of over £900,000 in the North West's creative sector this year.

“Investment in development is essential for all businesses if they want to grow, but difficult for many to finance, particularly at this scale," said Paul Taylor, director of Business Delivery for Northwest Vision and Media. "It is often considered too risky for bank debt but too small for equity. The aim of this funding is to stimulate growth in the sector so that our creative and digital businesses can take full advantage of the significant opportunities regionally with MediaCityUK, nationally and globally."

The Northwest Development Agency's executive director of marketing and communications, Peter Mearns added: “By supporting business and product development, the RAF enables growth and provides a boost to the regional economy. It supports job creation for creative professionals in the North West and reinforces the region's reputation as one of the most attractive locations in the UK for aspiring new talent."

Since its inception, the RAF has assisted 211 companies and helped to create 225 jobs.