The Triodos bank will finance over the next two years, with European support, players in the cultural and creative sectors in Belgium, the Netherlands, Spain and Germany, to the tune of 200 million euros, including 50 million euros in our country alone, we learned in a press release on Tuesday.
Concretely, the bank’s loans will be guaranteed by the Guarantee Facility for the Cultural and Creative Sectors of the European Union (CCS GF), an initiative supported by the European Fund for Strategic Investments. The guarantee system allows entrepreneurs to access financing with a reduced interest rate or lower guarantee requirements.
Cinema, media, music festivals, theater
Triodos will thus finance “a wide range of initiatives, mainly focused on the film industry, media, art schools, music festivals, theater and music productions“.
The bank announces that it has already financed two projects in Belgium in partnership with the European Fund for Strategic Investments. It is “Free time“, presented as”the first cooperative bookshop in Brussels which is not only a place for the sale of books and cultural products, but also a space for the production and dissemination of cultural content“. The loan from Triodos enabled Quartier Libre to open its first”corner” Uccle.
This guarantee mechanism is an important incentive
The project “The Skater“, also supported by this means, realizes for its part small-scale shows with which it tours circus and street theater festivals in Europe. Le Patineur also sets up and manages pop-up skating rinks.
“Through this partnership with the European Investment Fund (EIF) Triodos will be able to finance more creative and cultural initiatives, including projects that would normally have difficulty accessing traditional bank loans. This guarantee mechanism is an important incentive, especially in the current situation because the Covid-19 pandemic and the successive confinements weigh terribly on the cultural sector. We fund the arts and culture because they contribute to life in society by connecting ideas and people, but also by reflecting, stimulating and encouraging positive change.“, summarizes the director of Triodos Bank in Belgium, Thomas Van Craen.
This is not the first collaboration of this type between the European Investment Fund and Triodos since the fund and the bank are already associated in a partnership in favor of social enterprises.