Greek Leisure Business Secures $62.5 Million Mortgage Assure – Selection

The Greek movie trade is getting a serving to hand from the Hellenic Growth Financial institution (HDB), which has launched a €62.5 million ($62.48 million) mortgage assure program aimed on the audiovisual sector.

Offered by the Audiovisual Producers’ of Greece (SAPOE) on the Thessaloniki Film Festival’s Agora Talks trade part, this system is particularly focused at movement image, video and tv manufacturing, and laptop recreation improvement.

The HDB gives a assure charge of 80% for low-interest loans of between €25,000 and €900,000 supplied by accomplice lenders Piraeus Financial institution and Optima Financial institution.

The assure fund is seen as an added financing software that dietary supplements the nation’s 40% money rebate program accessible to function movies, documentaries, TV drama sequence, animated movies and digital video games.

Chatting with a crowded room of movie and TV producers, HDB CEO Athina Chatzipetrou (pictured) defined: “It’s the software that funds your organization, your organization’s funding, primarily based on a marketing strategy, evaluated by the funding committee.

“You personal an organization, you’re artistic, you’ve got your merchandise, however you’re additionally an entrepreneur, so that you want to keep in mind that it’s essential verify the basket of monetary instruments you should use. You could have the money rebate for the product; you’ll be able to have this product for the investments, which matches on to your online business.”

Chatzipetrou added that producers additionally had different choices from HDB that aren’t essentially restricted to the movie and TV sector, resembling its new €800 million Progress program geared toward facilitating firm mergers.

The HDB chief additionally touted the financial institution’s InnoAgora digital networking platform, created with the French Growth Financial institution, which allows firms, traders and enterprise help buildings to enter into funding agreements and business partnerships.

“It’s like Fb for firms and since it isn’t solely addressed to Greece, however to a wider European vary, it turns into much more fascinating.”

Simos Manganis, head of Inexperienced Olive Movies, burdened the necessity for a cash-flow certificates to safe bridge financing, notably for international productions capturing in Greece that intend to make use of the money rebate. “We’re creating an ecosystem, we’ve received the coverage, the instruments, the movie producers, we’re simply lacking that a part of the creation chain, of this easy, sustainable dynamic.”

Leonidas Christopoulos, common secretary on the Greek Ministry of Digital Governance, agreed with Manganis, assuring that there can be discussions on making a cash-flow certificates doable.

Christopoulos burdened that the money rebate had the sturdy help of the federal government.

“We would like the money rebate scheme to proceed and that’s the reason we’ve succeeded in extracting one other €200 million, primarily from European funds, already having secured the €75 million of the nationwide funds. On the similar time, we are going to proceed to focus on simplifying the regulatory framework, for there’ll at all times be a necessity for replace.”

from Entertainment – My Blog

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