The music and recording industry has expressed their appreciation and have been applauding the government of the United Kingdom for their efforts with the Enterprise Guarantee Scheme. The EFG, or Enterprise Finance Guarantee, is designed to help small record labels and music management companies and is spearheaded by the government’s Department of Business Innovation and Skills.
The UK Government has said that the music industry has played a huge part as far as creating jobs in the country and is major contributor to the nation’s gross domestic product. What the EFG does is help small businesses such as small music companies in finding loans in order to keep their operations still operating.
Some of the measures included with the Enterprise Guarantee Scheme are extending the EFG another four more years, continuing enterprise finance programs and allow start ups more access to capital investment entities, and working on laxing the regulations and working on improving overall investment.
Music industry professionals from all over the United Kingdom have stated that the Prime Minister is well aware of the importance of the music industry to the UK and looks to be one area that can have explosive growth in the years to come. The most important thing about investing in the UK music industry and new stipulations to the EGS and EFG is that it allows creative entrepenuers to be able to have access to much needed capital and finances.
UK Music CEO Feargal Sharkey stated in a recent interview that ‘the Enterprise Finance Guarantee now understands how our businesses operate and what it takes to keep them operating’.