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Govt agency to fund Offset
[Mon 31/05/2010 04:37:11]
By Morgan Hind
Australia’s credit export agency will provide a loan against the Producer Offset to assist small film and TV productions.
The Export Finance and Insurance Corporation (EFIC) loan is expected to help small productions, such as documentaries, which have had trouble funding the Offset through traditional lenders such as banks.
The loans will be reserved for productions with international distribution agreements, producers who have a successful track record, and those projects with a provisional certificate from Screen Australia, according to EFIC.
“[EFIC] are interested to see that a producer has successfully completed and distributed similar productions to what they would like us to provide finance for,” said Jennifer Whittle, associate director, marketing communications at EFIC.
“Certainly things like critical reception and awards help, but the most important aspect is a history of successful delivery and distribution of similar productions.”
EFIC will lend up to 85 per cent of the estimated Producer Offset to eligible production companies, with a minimum loan amount of $100,000 and a maximum of $500,000.
At this stage, EFIC has not divulged the level of their interest rates but has stated that prices will be “competitive” with commercial markets.
EFIC has also stated that all loan candidates will be subject to a net benefit test, to determine whether supporting a production is beneficial overall to the Australian people, economy and film industry.
Screen Australia chief executive Ruth Harley said the new EFIC loan would be another financing option for Australian producers.
“Financing is often a challenge in the film industry, especially for smaller productions,” she said in a statement.
For more information, including full eligibility criteria, click here.
