Managing Director of the Business Centre Corporation (BCC), Ibrahim Ziyau, has emphasized the significant interest in the Creative Economy Fund, emphasizing the urgent need for financial support in the arts sector.
This initiative supports the goal of fostering a creative economy and encourages greater participation of young people in the arts. Currently open for applications, the response has been overwhelmingly positive. Ziyau noted that due to high demand, applications for filmmakers have been temporarily paused, and there has been a significant increase in applications for music production, arts and crafts, and digital content creation.
The Creative Economy Fund aims to support projects in various creative fields, offering financial assistance ranging from USD 3,200 to USD 19,000 based on specific guidelines. To be eligible, applicants must be registered as small businesses. Those operating without registration are encouraged to register as self-employed with the BCC.
A dedicated fund committee will review proposals, and funding will be awarded on a first-come, first-served basis. The fund provides incubation services to help applicants grow their businesses. These services include technical assistance for setting future goals, tackling challenges, and devising solutions. The BCC will also offer income-based loan repayment options, requiring no collateral to access funds, addressing current industry challenges.