Cottage industry

An entertaining report from the Creative Industries Council (new Chair: BBC Studios CEO Tim Davie) on where companies in the sector get finance.

60% are running with the help of loans, overdrafts, credit cards, grants, etc. 14% are currently using money from a public sector body.  In the survey, 42% of creative SMEs said they had accessed public funds at some stage.

The survey also found significant reliance on funding from friends and family, with 27% of businesses using this source as opposed to 9% of businesses generally. Creative businesses were also more likely to have had an injection of personal funds from the owner/directors in the past year. 58% had received such an injection compared to 22% across all UK SMEs.