New fund to aid the digital sector

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A new Business Investment Fund that plans to pump £1 million into Britain’s digital and creative sector has been unveiled by sector support agency Creative England.

The organisation is offering interest free loans of between £60,000 and £100,000 to SMEs planning to develop new software, applications and content for expanding markets including digital games, healthcare, e-learning and mobile applications.

The new Business Investment Fund is the second to be launched by Creative England with backing from the Government’s Regional Growth Fund.

Companies that benefitted from the earlier fund include Sheffield-based Floow, which has been developing a Smartphone-based system that records and analyses driving performance.

Floow’s technology centres on an app that captures location information and driver performance data, which can be used by third parties like insurance companies, fleet operators and car manufactures.

The company lays claim to having the world’s lowest-cost telematic system to collect the data and says its product can help to reduce claims, increase crash survival rates, boost customer loyalty and enable companies to comply with duty of care requirements.

It recently expanded, relocating from Aizlewood’s Mill to the newly refurbished OXO House, in Joiner Street.

Creative England business development director and former Yorkshire Forward director Jim Farmery said: “Creative businesses bring energy, enterprise and innovation to cities and regions across England.

“Our funds support companies with innovative ideas for content development that have commercial potential but are struggling to get off the ground.”