This study on funding the creative and cultural sectors was part of the new "Creative Europe" program presented in our January 2014 newsletter. One of the program's main objectives is to facilitate funding for the creative and cultural sectors of the European Union. The study drew on an online survey of 3,000 respondents and also included interviews and literature reviews.
The study led to two primary conclusions. First, investment in the creative and cultural sectors has decreased significantly. Indeed, companies with good business strategies are being turned down for bank loans, or don't even apply for them, because their lack of collateral assets makes them ineligible. To alleviate this problem, the "Creative Europe" program will launch a 120 million euro program in 2016 to fund financial guarantees.
Second, the study concluded that management practices at many cultural organizations left much to be desired. For instance, nearly 60% of the organizations surveyed had no business plans in place. The European Commission therefore hopes to establish measures that will help professionals in the creative and cultural sectors developing their management skills.
To see the report, visit the website of the European Commission.