14-7-2006
With the aim of supporting small and medium-sized businesses in the audiovisual industry, the Ministry of Culture through ICAA and EGEDA founded the AUDIOVISUAL S.G.R., a MUTUAL GUARANTEE SOCIETY, in December, 2005, with the participation of FAPAE, ADICINE, AITE, SECIES, DICA and more than 200 sector businesses. The creation of the Audiovisual S.G.R. is a very innovative idea, being the first mutual guarantee society for the audiovisual sector on a national scale.
From March, when the Audiovisual S.G.R. began its guarantee activities, to June, 2006 sixteen loan guarantees have been approved, amounting to more than four million euros, thirteen of these having been formalised, for almost 3.5 million euros. The Audiovisual S.G.R. has participated in the financing of 10 productions which amount to 650 jobs.
From the amount formalised, 56.66 % has gone to guarantees for financing cinematographic feature films, 16.4 % to animation series and 27 % to technical equipment.
In this initial period of activity, a total of twenty-nine loan guarantee applications have been analysed, amounting to more than eleven million euros. The forecast of debts to be guaranteed for all of 2006, the first year of operations of the Audiovisual S.G.R., is to reach figures of around twelve million euros, as agreed by the General Assembly of the Society on 9th March.
At present the Audiovisual S.G.R. has 245 participating members and four protector members. The distribution of the branches of the participating members is the following: production – 83%, technical industries – 9%, distribution – 6%, and exhibition – 2%. Protector members are ICAA through the Ministry of Culture, EGEDA, FAPAE and FECE.*
In these months, banking agreements have been signed with La Caixa, Banesto, Banco de Sabadell, Banco Espirito Santo and Ibercaja, obtaining credit lines with an initial global risk of twenty-three million euros, with applicable interest rate referenced to the Euribor for twelve months with an added difference of 0.5%, in line with the best conditions of other mutual guarantee societies, and with much more favourable terms than those which the small and medium-sized businesses could obtain on their own. Other agreements are in the negotiating process with Banco Santander and Caja Madrid.
* ICAA is the “Institute of Cinematography and Audiovisual Arts”, EGEDA, the “Audiovisual Producers’ Rights Management Association”, FAPAE, the “Spanish Federation of Audiovisual Producers”, and FECE, the “Spanish Cinema Federation”.
C/ Luis Buñuel, 2. 2ª planta. Edificio EGEDA
Ciudad de la Imagen.
28.223 Pozuelo de Alarcón. Madrid. Spain.
Tlf.: (+34) 91 512 30 48 Fax: (+34) 91 711 24 00
FOR THE AUDIOVISUAL S.G.R.
