Open Letter: Ensuring Support for Cultural and Creative Businesses

October 6, 2020, 1:14 pm

On October 5, 2020, 26 organisations from across Europe’s cultural and creative sectors wrote to European Commissioners Thierry Breton (Internal Market) and Paolo Gentiloni (Economy) regarding the EU’s flagship investment programme InvestEU.

The programme is facing severe cuts which could have a dramatic impact on the ability of cultural and creative businesses to access much-needed affordable debt and equity financing.

The signatories urge the EU to ensure that the cultural and creative sector benefits from an appropriate level of support via InvestEU and advocate for:

  • a set percentage of the future InvestEU fund should be earmarked for the sector
  • the budget allocated for the sector should match the budget of the existing Cultural and Creative Sector Guarantee Facility
  • Access to affordable debt and equity financing
  • the EU to preserve this innovative way of generating investment for cultural and creative businesses

Culture and creativity are among Europe’s strongest assets, accounting for 4,4% of EU GDP and 12 million jobs. But these sectors remain structurally underfinanced. The financing gap for creative SMEs across Europe is estimated at between €8bn and €13bn by the European Commission. Access to affordable debt and equity financing was already needed before the pandemic, and it is even more essential today as the cultural and creative sector is one of the hardest hit by the Covid crisis.

Read the full letter here.

The signatories:

  1. AER – Association of European Radios
  2. Animation Europe
  3. Culture Action Europe
  4. CEDC – European Coalitions for Cultural Diversity
  5. CEPI – European Audiovisual Production
  6. CEPIC – Centre of the Picture Industry
  7. EFA – European Festivals Association
  8. EGDF – European Games Developer Federation
  9. EIBF – European and International Booksellers Federation
  10. EMC – European Music Council
  11. EMEE – European Music Exporters Exchange
  12. Eurocinema
  13. ETC – European Theatre Convention
  14. FEP – Federation of European Publishers
  15. FIAD – The International Federation of Film Distributors’ Associations
  16. FIAPF – International Federation of Film Producers’ Associations
  17. GESAC – European Grouping of Societies of Authors and Composers
  18. ICMP – The Global Voice of Music Publishing
  19. IFTA – Independent Film and Television Alliance
  20. IVF – International Video Federation
  21. IMPALA – The Independent Music Companies Association
  22. IMPF – The Independent Music Publishers International Forum
  23. LiveDMA – European network for live music venues & festivals
  24. Liveurope – The live music platform for new European talent
  25. Pearle* – Live Performance Europe
  26. UNIC – International Union of Cinemas