Creative Growth Finance accredited under Growth Guarantee Scheme

The British Business Bank has officially accredited Creative Growth Finance (CGF) as a delivery partner under its Growth Guarantee Scheme, bolstering support for the UK’s booming creative industries.

Creative Growth Finance, a £35 million specialist debt fund managed by Creative UK in partnership with Triodos Bank, is designed to provide vital growth capital to high-potential smaller businesses across the creative sector. Through the new accreditation, CGF will be able to offer more flexible and accessible financing solutions to businesses in industries such as gaming, film and television, marketing, and design, with loans ranging from £100,000 to £1 million.

Launched in 2019, CGF addresses longstanding challenges creative enterprises face in accessing funding, often overlooked by traditional lenders due to their focus on Intellectual Property (IP) assets rather than tangible collateral. A recent report from Creative UK and the Creative Industries Policy and Evidence Centre, benchmarked against the SME Finance Monitor survey, found that creative businesses are four times more likely to encounter barriers to securing finance compared to other sectors.

The UK’s creative industries continue to outperform the wider economy, growing 1.5 times faster and contributing significant cultural and economic value. Recognised as a priority sector within the government’s forthcoming Industrial Strategy, creative businesses are increasingly seen as critical drivers of future national prosperity.

Chancellor of the Exchequer Rachel Reeves welcomed the announcement, stating: “At home and abroad, our world-class creative industries are growing economically as much as they are in popularity. This accreditation from the British Business Bank will unlock millions of pounds in financing for the sector, helping it continue to go from strength to strength, breaking down barriers to expansion, and supporting businesses to find the funding they need to scale and grow.”

Caroline Norbury OBE, Chief Executive of Creative UK, celebrated the news, highlighting the tangible impact of investment in the creative economy: “For too long, many creative SMEs have been held back by a disproportionate – and often over-inflated – risk profile associated with funding IP, which is the bread and butter of the sector. We know firsthand the value of investing in ideas: our portfolio companies are exceeding benchmarks, with productivity at twice the national average, and revenues increasing by an average of 75% per year. In backing our fund, the British Business Bank are supporting the sector to keep growing, and providing a huge boost to the creative economy.”

In 2023, the British Business Bank supported UK creative enterprises with around £850 million through its core programmes, accounting for 11% of its total activity—outpacing the sector’s share of the UK business population and economic output.