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The Minister of Culture and Sports, José Manuel Rodríguez Uribes; and Bankia's President, José Ignacio Goirigolzarri, in the center of the image, along with other attendees to the event.

Business

Within the ‘Covid-19 Culture Line’ of the Ministry for Culture and Sports

Bankia and CREA SGR sign a line of 50 million euros to support creative and cultural industries throughout Spain


Bankia's Chairman, José Ignacio Goirigolzarri, said importing the country was part of the crisis and that it was possible to avoid the future of the empire.
 

Communication Bankia

By  Communication Bankia

Publish on 
16 June 2020 - 17:30

  • In an act chaired by the Minister for Culture and Sports, José Manuel Rodríguez Uribes; Bankia’s Chairman, José Ignacio Goirigolzarri; the chairman of EGEDA, Enrique Cerezo, and the managing director of CREA SGR, Rafael Lambea, have signed a collaboration agreement
  • Bankia and CREA SGR will collaborate to facilitate urgent access to liquidity lines for the cultural sector throughout the country
  • SMEs, freelancers, foundations and associations in the cultural sector will be able to access operations for amounts up to 100,000 euros

Bankia and CREA SGR have signed a collaboration agreement on Tuesday to launch a line of credit for 50 million euros with the aim of formalising liquidity operations in the cultural sector and supporting the creative and cultural industries, including book publishing, from all over Spain within the 'Covid-19 Culture Line' of the Ministry for Culture and Sports.

In an act chaired by the Minister for Culture and Sports, José Manuel Rodríguez Uribes; Bankia’s Chairman, José Ignacio Goirigolzarri; the chairman of EGEDA (Management Entity for the Rights of Audiovisual Producers), Enrique Cerezo, and the managing director of CREA SGR, Rafael Lambea, have signed a collaboration agreement.

The signing, which took place at the Ministry for Culture and Sports, was also attended by the Mayor of Madrid, José Luis Martínez-Almeida; the Regional Minister for Culture and Tourism of the Community of Madrid, Marta Rivera; the Secretary General of Culture, Javier García Fernández; and the regional corporate directors of Bankia’s North and Madrid Este areas, Juan Luis Vidal and Juan Antonio Zaragoza.

Representatives of the cultural sector also participated, such as the producer and owner of the Teatro Bankia Príncipe Pío, Luis Álvarez, as well as the producers Enrique Cornejo, Fernando Bovaira Forner, Gonzalo Salazar-Simpson or the director of the Madrid Book Fair, Manuel Gil , among others.

The amounts of the operations that can be accessed through this line by SMEs, self-employed workers, foundations and associations in the cultural sector will be up to 100,000 euros, with a repayment term of 48 months, including the first 18 months of grace period regarding the principal of the loans. CREA SGR is responsible for studying each operation that is requested and analysing the feasibility of the project, thus guaranteeing the operation before Bankia.

Bankia’s Chairman stressed “the importance of the banking sector as part of the solution to this crisis and that it can financially support the business fabric in industries as important to our country as the creative and cultural industries”. “Now it is necessary and fundamental to move from the macro to the micro because the different sectors, such as the cultural one, need specific solutions. We must work with the entrepreneurs who work and know these sectors to provide plans that contribute to its recovery”, underlined Goirigolzarri.

Now it is necessary and fundamental to move from the macro to the micro because the different sectors, such as the cultural one, need specific solutions. We must work with the entrepreneurs who work and know these sectors to provide plans that contribute to its recovery.

José Ignacio Goirigolzarri
Bankia’s Chairman

For his part, the Minister for Culture stressed that “given the exceptional situation that we are experiencing throughout the country due to the impact of Covid-19, the Government of Spain has adopted urgent measures to promote liquidity and solvency of companies in the Spanish cultural sector, which have special difficulty in accessing credit. The agreement formalised today is possible thanks to the specific measures contained in Royal Decree 17/2020, of 5 May, approved by the Council of Ministers”. “The allocation of funds by the State amounts to a total of 20 million euros that will allow to mobilise 780 million euros in guaranteed loans for each of the cultural sectors, books, music, fine arts, performing arts and audiovisuals, as well as bullfighting”, he stressed.

The Mayor of Madrid said that “in order to strengthen our theatres, music and leisure industry, last year Madrid City Council made a significant contribution of 5 million euros to CREA SGR”. “An example of our commitment to Culture, which is evident from the special measures that we have implemented as a result of the pandemic, such as the tax cuts to the sector and the 'Aplaude Madrid' Plan, with 7.5 million euros to maintain and revitalise the theatres, cinemas, concert halls and other cultural structures of our city”, said Martínez-Almeida.

The chairman of EGEDA stressed that “the cultural sector had always experienced difficulties when attempting to access financing for its projects. CREA GR has proven to be an effective interlocutor between the cultural sector and banking entities, facilitating access to credit for the cultural industry”.

According to Rafael Lambea, managing director of CREA SGR, “having the support of Bankia to ensure that the Spanish cultural sector can continue to offer its talent and creativity is extraordinary news for our country’s cultural sectors”.

The relationship between Bankia and CREA dates back to the year in which the activity of the Reciprocal Guarantee Company began in 2006. Since then, a total of 474 operations have been formalised with Bankia for an amount of 132 million euros, which confirms the bank's commitment to the Spanish cultural industry.

700,000 jobs

The agreement signed by Bankia and CREA is part of the Royal Decree approved by the Council of Ministers on 5 May on urgent aid from the Ministry for Culture and Sports to the cultural sector and is in addition to the objective of helping to finance operations in which CREA SGR and Bankia participate in favour of culture.

According to data from the Ministry for Culture and Sports, the contribution of the cultural sector to the Gross Domestic Product (GDP) in 2019 was 2.4% with more than 700,000 jobs, 3.5% of total workers. 64.7% of cultural companies did not have salaried workers and 28.7% had fewer than five employees.

In the face of these extraordinary circumstances, the Ministry for Culture and Sports allocated 16.25 million euros to the Technical Provisions Fund of CREA SGR, as the operational tool to provide the sector with liquidity for the creative and cultural industries, in the form of guarantees granted to banking entities.

Last April, the Community of Madrid contributed 1 million euros to the CREA Technical Provisions Fund. This provision will generate guarantees to obtain up to 40 million euros in loans for the audiovisual and performing arts sectors of companies in the Community of Madrid. During the first month of operation, 116 cultural projects were managed.

At the beginning of 2019, the Madrid City Council joined the share capital of CREA SGR with a contribution of 5 million euros to also facilitate access to financing for the creative and cultural sector of Madrid. Last year, 62 cultural projects of Madrid companies were financed, amounting to 17.1 million euros, generating 2,097 direct jobs. Within the Covid-19 Line, 88 operations have been managed.

CREA SGR

CREA SGR is a national non-profit financial institution specialised in culture, created 15 years ago by EGEDA and the Ministry for Culture and subject to the supervision and inspection of the Bank of Spain. Since the beginning of its activity, 8,407 operations have been formalised amounting to 677 million euros. In the last two years, CREA SGR has formalised guarantees for an amount exceeding 125 million euros, which has generated 2,500 jobs within the cultural sector. The default rate in these transactions was 2.1%, well below the average for the financial sector.

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