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Satellite Boy receives EFIC loan to cashflow Producer Offset
[Thu 15/09/2011 09:53:46]
By Brendan Swift
Indigenous tale Satellite Boy has become the third screen production to receive financial support from the Export Finance and Insurance Corporation (EFIC).
The government’s export credit agency has previously provided Producer Offset loans to Goalpost Pictures for telemovie Panic at Rock Island ($496,000) and documentary Outback Fight Club ($69,000).
The $2.8 million Satellite Boy feature will receive $850,550 to cashflow the Offset. The 40 per cent Offset rebate is only received once a film is completed and tax statements are lodged.
“We ticked all the boxes with a great story, a talented cast and crew, and commercial backing for the project, but we still faced a funding gap which has a major impact on an independent production like this”, Satellite Boy producer David Jowsey said in a statement. “EFIC’s support will help us to bridge the gap by increasing our cash flow.”
EFIC provides finance and insurance to help Australian exporters grow their businesses overseas. Qualifying screen productions must have: international distribution agreements, a provisional Offset certificate, and a successful producer track record.
Satellite Boy, which is currently being filmed in WA, follows Pete, a small boy who tries to save his home from developers. It is set in the Kimberley and is the directorial debut of short filmmaker and television drama director Catriona McKenzie.
“EFIC is excited to support the export of such a poignant and positive Australian story through our Producer Offset loan”, EFIC’s head of alliance and product, SME and mid market, Alex Fernandez, said in a statement.
“Although based in regional Australia, Satellite Boy’s simple message about the power of friendship is universal, and EFIC is proud to be a part of this production.”
