The European Commission and European Investment Fund have announced new actions to support the cultural and creative industry.

Among others, audiovisual companies will also be able to benefit from several financial terms: among these, for example, extensions in terms of repayment or temporary interruptions of credit.

As stated in a note by Commissioner for Internal Market Thierry Breton, “the creative and cultural sector has been particularly hard-hit a sector that touches our daily lives and helps to form our opinions, values, and our culture. That is why the revision of this financial tool is vital, to help this industry more easily access financing and thus weather the current storm”.

According to the data from the European Commission for 2019, the audiovisual industry employs about seven million people in Europe and is worth 4% of continental GDP.

Access to the facilities will be possible starting from August; the measures may apply retroactively from April 1st 2020 through the Cultural and Creative Sectors Guarantee Facility with a new call available soon.

In April 2020 different audiovisual industries and trade associations had made their voices to obtain financial support during the lockdown period. Among the signatories: APA, ANAC, ANICA, EPC, EUROPA CINEMAS, FAPAV, FIAPF, IVF, MPA, UNIC, UNIVIDEO, 100 AUTORI.