Creative Industries Investment

Bringing creativity to life in the West.

Our Creative Industries Micro-Loan Fund began as an ‘access to finance’ initiative to help creative enterprises to start or grow their businesses. The pilot was such a success that the fund has been established on a permanent basis.

The 12 creative industries that are eligible for the creative sector fund are:

  • Advertising
  • Architecture
  • Art/antiques
  • Crafts
  • Design
  • Digital media
  • Fashion
  • Internet and software
  • Music, visual and performing arts
  • Publishing

The WRAP Fund

The Western Region Audio-visual Producer’s Fund (WRAP Fund) was set up to help build the region’s audio-visual sector. It is a joint initiative between the Galway Ardán and WDC in association with local authorities in Clare, Donegal, Galway City, Galway County, Leitrim, Mayo, Roscommon, Sligo, and Udaras na Gaeltachta.

The WRAP Fund is designed to provide strategic investment that encourages regional production activity across the film, television drama, animation and gaming sectors, to support local talent, create sustainable employment, build the audio-visual infrastructure and contribute to the culture and language of the Western Region. You can read more about the WRAP Fund here

Company Level Funding

The WRAP Fund can also provide funding of funding up to €200,000 to Western-based companies in the audio-visual sector i.e., Film, TV, Animation and Games.   This funding will be provided on a repayable loan basis with an interest rate which will be the EU Reference Rate for Ireland* (put in link to DG Comp’s website) plus 450 or 650 basis points depending on the track record of the business.    The funding will be used by the company to scale and grow the business and can be used to fund the development of its own IP and/or to develop service-type business.

 

Who can apply

Audio-visual companies (Film, TV, Animation and Games) based in the Western Region (counties Clare, Donegal, Galway, Leitrim, Mayo, Roscommon and Sligo).

Assessment criteria

The Key criterion for assessing whether an enterprise will be eligible for this funding is its repayment capacity, proven track record and relevant skills to make the venture a success.   Repayment may be on a monthly amortised basis or on a bullet repayment basis with monthly interest rate applied.  The interest rate applied will be the EU Reference Rate for Ireland which is updated monthly and is currently 0.71%* plus 450 basis points (4.5%) or 650 basis points (6.5%) depending on the track record of the business.

*as at 1st September 2022

If you are interested in applying, you must make an initial enquiry by email to the WRAP Manager by emailing wrap@ardan.ie who will advise further on eligibility and process.

WDC loan interest rates

All of our business loans are made at commercial interest rates – the prevailing EU reference rate for Ireland plus an approximate margin depending on the risk profile of the project (assessed by the WDC Investment Fund executive). Interest rates are variable and are reviewed on an annual basis – the current EU reference rate for Ireland is -0.15%*.

* WDC policy is to use a base interest rate of zero when the EU reference rate for Ireland is negative, and then we add the appropriate margin.

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  • Western Development Commission logo
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Ardán

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Wrap Fund

Western Development Commission