Pan-European indie labels trade body IMPALA has commented on a meeting it led at MIDEM earlier this week involving reps from both the independent music and finance sectors to discuss a proposed new loan guarantee scheme being considered by the European Commission for the music sector.
It is hoped that the scheme, led by the European Investment Fund, could make in the region of 210 million euros available in guarantee loans, reducing the risk for banks and such like investing in music ventures. Those involved in the initiative reckon the loans could actually help smaller and middle-sized music companies unlock about one billion in loans across Europe.
It’s hoped the initiative can be finalised this year for launch next January. IMPALA Exec Chair Helen Smith told CMU: “If this scheme generates the 1bn euros estimated, it could transform the independents’ ability to grow and level the playing field”.