IMPALA Press Release, 6th May 2010

IMPALA participates in SME Finance Forum

IMPALA participated in the SME Finance Forum, organised by the European Commission, which addressed the current challenges in access to finance for SMEs. The SME Finance Forum will be upgraded to a high-level dialogue between financial institutions and SMEs later in the year.

Antonio Tajani, Vice President Commissioner for Industry and Entrepreneurship, said: "It is one of my top priorities to encourage new strategies for improving access to finance in order to help small and medium-sized enterprises. SMEs are the backbone of the European economy and the job generators of Europe. In tough times we need them more than ever to get the European economy going."

The European Commission has also highlighted the importance of SMEs in its Green Paper on unlocking the potential of cultural and creative industries. To see our remarks on the Green Paper please click here.

Helen Smith said, “growth finance for cultural SMEs is urgent in the cultural industries, such as music. Music SMEs in Europe produce 80% of new releases but at the moment only represent 20% of the collective market share - independents lack critical mass individually. One of the reasons for this is the barriers that SMEs face when trying to get access to finance. IMPALA has been working on this for ten years and in January 2010 launched its Action Plan for Finance suggesting a ten-point financial tool kit to move towards a better environment for cultural SMEs.” To read IMPALA’s press release and Action Plan, please click here.