Guarantee Fund for the art and entertainment industry “FGIC”
Purpose of Fund:
Facilitate access to bank funding for small and medium-size enterprises involved in the art and entertainment industry (production and distribution of film, television, and radio; technical industry for cinema, film, radio, music, theatre, show business, film theatre management, radio and television, printed press, edition, production and distribution of discs and cultural and educational multimedia material, art and visual arts, fashion and design, handicraft).
Eligible Companies
Private Moroccan companies involved in the art and entertainment industry in Morocco, with an annual turnover not exceeding MD 20,000,000. Over the last three year period.
Project financing
Projects entitled to a “FGIC” guarantee will be financed with capital stock and the like up with a minimum of 20% and a maximum investment loan of 80%.
Terms of loan
Minimum amount: MD 100,000.
Duration: 7 years maximum, with a possible deferred payment of up to 2 years.
Interest rate: negotiated between bank and beneficiary company.
Guarantee quota
70% of principal loan.
Commission on guarantee
0.6% on outstanding principal per year.
Securities
Set according to risk estimated by the bank and the CCG.
Submission of guarantee application
Through a bank elected by company.
Deadline for processing guarantee applications
No more than 10 working days after submission of application file to the CCG.
Purpose of Fund: