Cannes, 29th January 2013

Today at Midem, the European Commission and its investment fund (EIF) discussed a proposal for a new loan guarantee scheme with independent music companies.

The proposal is expected to be approved this year and would come into effect in January 2014. Europe aims to address a finance gap which restricts growth of smaller actors in the cultural sector.

The discussion was facilitated by Impala, the European trade body for independent music companies and included representatives of the banking sector as well as music professionals.

Helen Smith, Executive Chair of Impala said: “If this scheme generates the 1bn euros estimated, it could transform the independents’ ability to grow and level the playing field.”