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CaixaBank and CREA SGR sign a line of 100 million euros to support the cultural, audiovisual and sports sectors

Caixabank and CREA SGR have signed a collaboration agreement to launch a credit line of 100 million euros with the aim of formalizing liquidity operations in the audiovisual sector and the creative and cultural industries, including the book, as well as well as the sports and entertainment sector.

The agreement has been signed by the CaixaBank General Manager of Business, Juan Antonio Alcaraz placeholder image; the president of the Audiovisual Producers Rights Management Entity (EGEDA), Enrique Cerezo; and the CEO of CREA SGR, Miguel Angel Benzal.

The event was also attended by the director of the Madrid Metropolitan Region of CaixaBank, Rafael Herrador; and on behalf of CREA SGR, the president, Ignacio Ramos; the general director, Rafael Lambea; and the director of the Audiovisual and Sports Area, Pedro Martín.

The agreement contemplates, on the one hand, a loan to the audiovisual sector and the creative and cultural industries, as well as the sports and entertainment sector without a maximum amount per transaction of up to 60 months and a capital grace period of up to 24 months.

On the other hand, pick up the ‘Covid-19 loan’, a line for SMEs, freelancers, foundations and associations of the audiovisual / cultural and sports sector of up to 100,000 euros, with a maximum period of 60 months with 18 months of grace.

CREA SGR is in charge of studying each operation that is demanded and analyzes the viability of the project, guaranteeing the operation before CaixaBank.

CaixaBank’s Business General Manager, Juan Antonio Alcaraz, underlined “the financial institution’s commitment to industries as important to our country as creative, cultural and sports.” “Our goal has always been to accompany our clients and support, from a financial point of view, the sector and more in such difficult times,” he said.

For Enrique Cerezo, President of EGEDA, “the renewal of this unified agreement reinforces the relationship established since 2006 with the two entities that now make up the CaixaBank Group, and which have contributed so much to financing the cultural sector and now sports” .

“Access to credit and financing for the cultural industry were historical difficulties in the sector until CREA was created. The agreement that is now being signed between CREA SGR and CaixaBank will strengthen the Spanish cultural sector, which is experiencing a great moment, while financing the sports sector that presents great similarities with the cultural sector as intangible assets and with a form of financing similar ”, highlighted the CEO of CREA SGR, Miguel Ángel Benzal.

The relationship between CaixaBank and CREA dates back to the year in which the activity of the Reciprocal Guarantee Society in 2006. Since then, CaixaBank has formalized operations with CREA SGR for 240 million euros, close to 30% of the total of 800 million in formalized operations. In addition, CREA SGR has an outstanding risk of 229 million euros, with CaixaBank being one of its largest banks with an outstanding risk of 58.5 million, a 24% share, which confirms the bank’s commitment to the Spanish cultural industry.

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