The Liverpool City Region Music Board have been working with LCR and Culture Liverpool on a fund to help music industry businesses, Getintothis’ Lewis Ridley reports.
The Liverpool City Region Music Board have today launched a new Music Industry Support Fund to help businesses in the sector amidst the coronavirus crisis.
A total of £400k has been made available by the Liverpool City Region Local Authority in order to provide immediate support to the city’s music, film and TV industries.
The Music Industry Support Fund is said by Culture Liverpool to have been created: “to offer financial support to businesses within the Liverpool City Region Music sector who are at risk.”
To apply, the head office of the business needs to be in the Liverpool City Region and should be a micro business or SME.
It needs to be directly related to the music sector and needs to be able to demonstrate:
- How the coronavirus crisis has directly impacted them.
- Why the already announced Government support isn’t sufficient or why they aren’t eligible for these support measures.
- That the funding will ensure the survival of the business.
Just announced: we have been working with the @LpoolCityRegion and @CultureLPool on a music fund to help local businesses and SMEs who are in financial need. Particularly for those who are falling through the cracks of government support. We can help: https://t.co/DH1JRYMcw6
— Liverpool City Region Music Board (@LCRMusicBoard) April 15, 2020
The minimum award from the Music Industry Support Fund is £1,000 and the maximum award will be £10,000.
Culture Liverpool have said that: “The first £5,000 of all agreed awards will be treated as a grant. Any investment over £5,000 will be subject to a 0% interest repayment based on a number of commercial factors over the coming 24 months. These will be treated on a case by case basis.”
Steve Rotheram, Metro Mayor of Liverpool City Region, said: “It is absolutely vital that we do everything we can to protect and preserve our Music, Film and TV industries.They are at the beating heart of our city region’s very identity and are responsible for 5,000 jobs, contributing £228million to our economy every year in normal times.”
“We have not received extra money direct from government to support them, but my team at the Combined Authority has worked incredibly hard with our partners to identify funds that were ear-marked for projects later in the year and brought them forward to make them available right now, when they are so urgently needed by the sector.
“Our aim is to support our businesses in this key sector to weather this storm, and to develop some of the brilliant ideas that we will need to shine a spotlight on the city region and get this vital sector back to full health, as we recover from the coronavirus crisis.”
Michael Eakin, Chair of the LCR Music Board who will oversee the Music Fund, said: “This is a very welcome injection of investment into a sector which, like so many others, is really struggling.”
“Small amounts of investment will ensure the survival of some of the crucial businesses and individuals who help make up the amazing ecology of our music sector, and will put us in a good place to bounce back strongly once this challenging moment is over.”
The fund is said to be a rolling fund and, thus, there are no deadlines to apply.
Applications can be made to the City of Music Officer via an onine form available here on the Culture Liverpool website.