Goldfinch launches indie loan fund
Goldfinch CEO Kirsty Bell has announced a £500k support fund for UK-based film and TV production companies hit by the Covid-19 pandemic.
The UK film and TV financier is offering short-term, interest-free loans, against any receivables due to the production company or its productions, subject to due diligence.
These include, but are not limited to, VAT, tax credits claims and distribution / broadcaster / streamer contracts.
The aim is to support multiple small to medium UK productions and companies that are suffering huge cashflow pressures, as productions have ground to a halt, during the next few months until they can resume.
The loans will require a minimum upfront admin charge of £2k, and will increase on a sliding scale depending on size and complexity of the loan, to cover legal costs, along with the usual due diligence in order to release the funds, but no interest for the term of the loan will be charged.
The fund will be available to applicants for the next 3 months. Bell said of the scheme: “Goldfinch was set up to help the 'Indie Producer' in both TV and film. Many producers that we know are having to take enormously tough decisions in the current climate.
“Our industry and our businesses are so cashflow driven, and leveraged, that now is the time that companies not only need some short term funding to weather the storm but some expert advice to help them navigate through it. If this fund can help one producer survive then we will have performed our role”.
Earlier this week Goldfinch launched UK streaming platform Birdbox with three channels of curated content for TVoD.