UK Music are conducting research on loan applications within the music industry. They have asked us to encourage our membership to contact them with your personal experience of trying to secure a loan for your business. Please see letter below from UK Music CEO Feargal Sharkey.
Have you applied for a loan for your business? Were you accepted or refused?
Many music businesses have reported difficulties in getting finance in the form
of bank loans and other loans.
UK Music is worried that this is a problem felt right across the music business.
This could hamper the ability of our industry to grow and put the future at risk.
We are looking for evidence that there may be a systemic problem, and we also want to find our ‘success stories’ so that we can identify ways of increasing our success rate.
We need case studies of music businesses who have applied for loans.
Can you answer YES to the questions below?
- Is your business incorporated and registered with Companies House?
- Does your business have a turnover of £68,000 or above?
- Does your business have a good credit history?
- Have you struggled to get a bank loan for your business OR;
- Have you successfully applied for a loan?
If this is your experience, please email your name, business and telephone number to info@ukmusic.org so that we can contact you.
We will listen to your story about trying to get a loan or securing a loan.
This will be in confidence. We may ask permission to use your experience as a “case study” to convince Government ministers and banks that there is a problem. We also want to help other companies to successfully apply for loans using your example. This will only be with your express permission.
This project is supported by Brian Message, chairman of the MMF who has been refused a loan many times over.
“I have run a test case with the Rifles, applying to every high street bank for a loan for working capital to allow them to record and tour their new album. The Enterprise Finance Guarantee is specifically for viable plans from small businesses without sufficient access to capital to secure their loans. The criteria explicitly include songwriters and artists, and should be the idea vehicle for debt financing in music – but in practise there are no banks willing to back our businesses. That’s why I’m supporting UK Music’s research into solutions to this situation.”
Please email your name, business and telephone number to me at info@ukmusic.org.
We will call you when we receive your email to discuss your experience.
Thank you and best wishes,
Feargal Sharkey
CEO, UK Music