£2.6m for culture and creativity in North of Tyne
Creativity and culture in the North of Tyne region are getting a £2.625m cash boost in a new investment programme.
The new combined authority of North of Tyne, covering the Newcastle and North Tyneside authorities, has signed a two year partnership with Creative England to create the fund which is open to SMEs and freelances.
It includes £500k for grants, £1.5m for loans and £625k for equity finance, with expert business advice available to creative entrepreneurs seeking to grow or diversify.
Business support in partnership with the Creative Fuse programme will include a range of specialist workshops and mentoring sessions to enhance business skills, aid the development of new products and services, and enable business growth. The programme will also give participants access to Creative England’s wider network of national and international stakeholders.
“Prior to the pandemic the creative industries in the North East contributed over £1bn to the economy and will be key to driving the region’s economic growth and productivity as it looks to rebuild The North of Tyne’s cultural sector will be a core part of this, and can also reengage communities with their local places and enhance their quality of life” said Creative England’s CEO Caroline Norbury, who is also CEO of the Creative Industries’ Federation. “We are very pleased to launch the Culture and Creative Investment Programme and look forward to working alongside North of Tyne Combined Authority to grow creativity throughout the region.”
For North of Tyne, Cllr Glen Sanderson added: “This innovative partnership with Creative England will see significant support brought forward and will set the cultural and creative industries on a firm footing to grow out of the current crisis. I encourage all within the sector, particularly smaller businesses and organisations as well as freelancers to apply”.