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Guarantee Fund Cultuur-Ondernemen Warsaw December 2012

Presentation Cultural Forum 4-5 Dec 2012 Northern Dimension

Joost Heinsius

on 4 December 2012

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Transcript of Guarantee Fund Cultuur-Ondernemen Warsaw December 2012

A Guarantee Fund that works:
Cultuur-Ondernemen Marcel Wanders designer
Wanders finished his studies cum laude at art academy Arnhem. His breakthrough was in 1996 with the Knotted Chair, a rope chair developed with Technische Universiteit Delft for Droog Design. This design is adopted in the collection of the Museum of Modern Art (MoMa) in New York. purchase shop, studio/ incubator Cultuur-Ondernemen/ Culture-Entrepeneurship transfer knowledge on entrepeneurship for artists/creatives and cultural organisations
develop projects for artistic interventions within organisations and businesses. Scheepvaartmuseum/Maritime museum
The Scheepvaartmuseum is located in a historical building from 1656 and shows how the sea influenced Dutch culture. The exhibitions are geared towards several target groups, including children. Rebuilding and furnishing museum And financial facilities: Micro credit (up to 10.000 E) (revolving budget)
2 Million guarantee fund (up to 8 million in guarantees)
loans through Triodos bank (> 10.000 - … million E) (up to 50 million in loans possible)
Consult and training on business plan
Managing New Media and Gaming Fund Rotterdam
Low interest loans for Amsterdam City Art Fund (2013) How much? 2004- end of 2010:
total 515 loans for the sum of 25.845.500,-
total guarantee: 5.800.300,-
running loans 318 for the sum of 23.702.318
running guarantee: 4.397.625
Default rate <5% (lower than most banks) And now for the European perspective The essence of a Guarantee Fund for the creative and cultural sector:
acces to loans otherwise not available Training
Investment readiness

Access to market
Co-production forums CCS SMEs and professionals Capacity building


Technical support Banks Guarantee Facility
Fund € 211 M
Multiplier of 5,7
Up to € 1 bn of bank loans
Capped guarantee portfolios CCS Guarantee Facility MEDIA and Culture Capacity Building Risk sharing Dialogue Creative Europe
2014-2020 Acces2Finance: CI-Factor
Guarantee funds
Business Angels Build a case for support for a Guarantee Fund
for banks, regions/clusters, national authorities What we will do:
1. Develop (2012) and hold (2013) workshops for banks
2. Develop (2012) and hold (2013) workshops for regions/clusters
3. Develop a network of interested partners The key objective of the C-I Factor project is to realize new financial facilities for the Creative Industries by preparing new instruments and by addressing the perceived challenges and risks of investing in Creative Industries businesses. Why?
Subsidy diminishing, new forms of financing needed
Cultural sector needs new financing mix
Creative sector needs access to investments
Most artists and creatives do not have acces to regular financial sources
We are a bridge and learning path to sources of finance “This loan helps designing and producing my collections. Regular banks do not give this kind of loan” Micro credit for making a sample collection Roos van der Kamp - Fashion designer “If you start your company you need starting money.
This credit is very useful if you start a company that is not regular SME.
I used the equipment for composing and playing music and sound effects for many performances.” Micro credit for bying electronic equipment Erik Hofland – musician A Guarantee fund works:
acces to financing otherwise not available
building a track record for regular financing
combined with capacity building
bringing financial and cultural/creative sector closer to each other
Guarantees are part of a new financing mix for the sector. Prefinancing festival Incubate organises a international festival with and for artists from the 'independent culture'. Incubate shows independant culture: film, dance, visual art and music. Black metal and free jazz. Street art and classical ballet." Joost Heinsius
Manager Knowledge & Innovation
0031 6 23926441 Some examples of Guarantee financing in Netherlands
We issue a guarantee for loans issued by Triodos bank:
€ 10.000,- to 30.000,- maximum 100% guarantee
€ 30.001,- to 60.000,- maximum 75% guarantee
€ 60.001,- to 100.000,- maximum 50% guarantee
Beyond € 100.000,- maximum 25% guarantee to a maximum of € 250.000,- Guarantee fund Conclusions:
+ lending is radically different than grants/subsidies: you have to pay back (with interest)
+ provide training and coaching: business planning, business modelling (f.e. Osterwalder business canvas)
+ research shows: with coaching/training default rate is lower, succes higher!
+ combine knowledge of the cultural/creative sector and financial knowledge
+ gap exists both ways between financial and creative/cultural sector, so:
+ use intermediairy to bridge gap between sector and financial institutions EU proposal Creative Europe (2014-2020):
+ Guarantee facility of 200 million E to back up loans from banks to cultural and creative sector
+ capacity building for cultural/creative sector ánd banks to bridge the gap
+ brings hundreds of millions of financing within reach of sector
+ every country should support this proposal ! NL January 2013 Research paper on willingness of investors, crowdfunding platforms and lenders to invest in Creative Sector
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