Music Body AIM Initiative Will Provide £25,000 Loans to Indie Startups.
Music industry body, Association of Independent Music or AIM, has recently launched a new government-backed scheme that will offer access on financing for independent music companies and entrepreneurs.
The Aim Startup Loans initiative will see that the trade body is responsible for assessing applications and approving any personal loans that will ranging between £1,000 up to £25,000 for business purposes. The loans will have to be paid back within 1-5 years, with and interest rate of 6%. The Average amount that will be loaned is £5,700 and will be decided individually depending on what the company will need the money for,
Access to “business survival guides” and training materials will also be provided as part of the successful loan application along with the opportunity to attend some training days and workshops. Loanes will also be partaking in the networking events with other newly integrated entrepreneurs, along with gaining access to personal mentors who will offer advice on running a business and providing support to assist successful applicants.
The launching event for the initiative shall be taking place at The Langham Hotel, 1c Portland Place, Regent Street, London WIB 1JA at 12 noon during March 31st.
Alison Wenham will be speaking at the event along with Beggars Group founder and chairman Martin Mills and Stolen ‘Recordings’ Merida Sussex.
“As a result of this groundbreaking new scheme AIM is now in a position to support independent music entrepreneurs with proper financing, support and advice to enable them to implement their creative ideas and grow their businesses,” said AIM CEO Alison Wenham.
“In Martin Mills and Merida Sussex, who will be speaking at our launch event, we have two great examples of people who have gone on to create successful companies and it will be fascinating to hear what advice they have for independent music entrepreneurs thinking of starting new businesses.”