Goldfinch CEO Kirsty Bell has today announced plans to support UK-based Indie Film and TV producers, hit hard by the coronavirus pandemic, with a newly created fund.
Goldfinch are offering short term loans, on an interest free basis, 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 loans will require an 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 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.
In addition, the experience of Goldfinch in helping manage the cashflow, and lending to productions and companies, is being offered to applicants to ensure they have the best chance to survive the rest of the year.
The fund will total £500k and will be available for the next 3 months to applicants, starting today (May 13, 2020).
Kirsty Bell says “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”.
To apply for a loan please email info@goldfinch.co.uk