The Business Centre Corporation (BCC) has announced that applications are now open for the Creative Economy Fund, established by the government to support artists with financial assistance.
The fund aims to support projects in areas such as music and film production, arts and crafts, and media content creation, with financial aid provided according to specific guidelines. BCC has opened the application process for those involved in these sectors, offering assistance ranging from USD 3,200 to USD 19,000.
The BCC said that applicants must be registered as a small business to be eligible for the fund. The individuals operating without registration must register as self-employed with the BCC. A dedicated fund committee has also been formed to review proposals, and funding will be granted on a first-come, first-served basis, up to the specified amounts.
Deputy Managing Director of BCC Samih Adam highlighted that the fund also offers incubation services to support applicants. He also said that the services provide technical assistance to help businesses grow, identify future goals, address challenges, and find solutions.
The BCC will offer loan repayment options based on income, and no collateral is required to access the fund, in response to current industry challenges. Launched as part of President Dr. Mohamed Muizzu’s Creative Economy Policy, the fund is now open for applications and will expand to cover additional sectors next year.