A new growth loan fund is to be launched by social enterprise Cockpit Arts in partnership with investment group Ingenious, supporting the growth of independent craft businesses based at its London incubators.
The Cockpit Arts & Ingenious Growth Loan Fund will provide low interest loans, coupled with business support to studio holders at Cockpit Arts, the UKs only creative incubator for designer makers.
The new fund comes after a three year pilot loan scheme supported by the Esmée Fairbairn Foundation. The pilot loan scheme achieved zero bad debt and loan recipients have reported an average increase in turnover of 28 per cent, and an average increase in profits of 75 per cent, it said.
Patrick McKenna, CEO of Ingenious, said, “I am delighted that we are going to be able to help Cockpit to carry on providing growth finance as part of its successful package of support to growing craft businesses.”
In January, the Ingenious Entertainment VCTs completed a £2m investment into the UK’s Love Supreme Jazz Festival.
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