New Funding Initiative Unveiled by Creative UK to Boost North East England's Creative Sector

Creative UK has introduced a novel funding programme aimed at supporting game development companies and other creative ventures in North East England. The initiative, developed in collaboration with the North East Combined Authority, is known as the North East Shared Success Fund. It targets small and medium-sized enterprises situated in Northumberland, Newcastle, and North Tyneside. Eligible businesses can secure funding of up to £25,000 to support product and service development. Upon achieving project success or reaching a predetermined turnover threshold, the investment will be repaid without interest. Additionally, the programme offers workshops, mentorship, and guidance throughout the process. According to Carol Bell, Associate Regional Director at Creative UK, 'Early-stage creative businesses often face significant challenges related to investment and cash flow when developing new intellectual property and launching products and services.' 'Investing in creative ideas is crucial for the growth of the creative industries and the broader creative economy. Our goal with this fund is to support businesses across all specialisms within the sector.' The long-term objective is for repaid funds to be reinvested in supporting future creative sector businesses.