EXCLUSIVE: UK indie film and TV financier Goldfinch is launching a £500k ($613,000) loan fund for UK film and TV producers during the COVID-19 pandemic.
Goldfinch, whose film and TV credits include Noah Schnapp war drama Waiting For Anya, Gary Oldman-Jessica Alba action pic Killers Anonymous, and ITV cookery show Ainsley’s Caribbean Kitchen, is 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.
Goldfinch says the loans will require a 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 fund will be available to applicants for the next three months, starting from this week.
Goldfinch CEO Kirsty Bell said, “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”.
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