Creative UK has launched a new £35 million ($43 million) investment fund to support the UK government's plans to grow the country's creative sector by £50 billion and create one million new jobs by 2030.
The Creative Growth Finance II (CGF II) fund has been launched with backing from Triodos Bank and will provide "crucial investments" to creative businesses in the UK, including those in the game industry.
Speaking to Game Developer, a Creative UK spokesperson explained the investments will be made via debt and equity loans with repayment terms of up to a maximum of four years.
The CGF II fund will be handing out individual investments of up to £1 million and is geared towards established UK creative companies looking to scale-up and grow rather than pre-revenue startups.
Creative UK hasn't ring-fenced the fund, which means there isn't a specific amount set aside for game companies or those in other creative sectors, although the organization has a track record of investing in studios like Futurlab, Huey Games, Fallen Planet, and Dimension Studio.
Elaborating on how the fund will facilitate growth, Creative UK chief exec Caroline Norbury said UK creatives are currently "experiencing a significant gap between their immense growth potential and access to the vital capital they need to succeed." With the launch of CGF II, Creative UK hopes to bridge that divide.
"The potential of the Creative Industries risks being unfulfilled if the creators and innovators whose talents power our growth are unable to access the capital and financing they require," added Norbury. "That's where Creative UK comes in. We know that with the right investment, the power of the sector to drive growth and innovation across all corners of the UK can be truly transformative."
CGF II has become the largest single fund launched by Creative UK, which has invested over £50 million into the country's creative industries over the last decade.
For more information on the fund, including eligibility criteria and details on how to apply, visit the Creative UK website.