The UK government’s Enterprise Finance Guarantee (EFG) scheme is a £2 billion fund that aims to back small and medium sized businesses, but in 2009 it opened up to songwriters/composers and unsigned artists. However, research by UK Music claims that of the £1.4 billion so far lent out, only two grants have gone to music. One of those is UK artist Rifles, managed by MMF luminary (and Radiohead co-manager) Brian Message, who tells the Guardian that he spent two and a half years applying for EFG funding for the band, but eventually only got £45,000 rather than the originally applied-for £200,000. “As recognised by many executives within the banking sector, music and artists in particular are regarded as high risk and not suitable for lending,” he says. “EFG was the hoped-for solution that would drive investment into creative industry SMEs and generate employment. This has proven not to be the case.” Source: Guardian
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Tools: Kaiber
In the year or so since its launch, AI startup Kaiber has been making waves,…