Published October 16, 2024 • 3 Min Read
There’s no shortage of diverse voices and creators in Canada with important stories to tell. But even with more opportunities than ever to display content, there continues to be a gap in representative storytelling in today’s broadcast and television industry.
In examining barriers within the film and media finance industry, the RBC’s Media and Entertainment team found that while the lending process was falling short in meeting the needs of emerging producers overall, Black, Indigenous and people of colour (BIPOC) were over-represented among those who couldn’t access financing. “Whether you’re looking at funding bodies or broadcasters, there have been systems in place for years that have restricted BIPOC producers from gaining access to funding and therefore opportunity to create content,” says Margaret Lewis, a Commercial Account Manager in the team.
Identifying the issues
The challenge arises when emerging producers need interim financing to cover their production’s cash flow needs until they receive tax credits (which can be 18-24 months down the road). “Demonstrating your track record without a portfolio makes it difficult to obtain financing” explains Lewis, “Typically, lenders look for a history of completing projects, experience filing tax credits and a financial foundation that offers security.”
“It’s like a Catch 22” adds Cameron Skura, an RBC Commercial Account Manager of Métis heritage with a background in acting. “A producer will have a fully funded project, but they’re not able to get the upfront capital needed to get the cameras rolling”
An idea that addresses access gaps
Working with various industry organizations and tapping expertise from across RBC, the Media and Entertainment team identified friction points and conceived an easier path to providing access to credit. In 2022, the RBC BIPOC Emerging Producer Lending Program was established. It was developed for producers who:
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Have at least one writing, directing or producing credit on a digital or TV project
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Have completed no more than two productions under their banner and/or their production company has been operating for less than 24 months
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Secure interim financing for 100% of their project from investment-grade counterparties (such as Ontario Creates, TeleFilm Canada, Bell Fund, etc.) and provide funding verification
As part of RBC’s on-going commitment to Black business owners and support of emerging artists, RBC’s BIPOC Emerging Producer Lending Program creates access to capital by offering interim production financing loans of up to $500,000 to eligible producers.
Building skills for the future
While this program aligns to RBC’s long-standing investment in the arts, it also offers opportunities to foster relationships with media financing specialists and to develop connections with a knowledgeable and experienced team.
“Getting a project financed is valuable, but so is advice on how to amend or tweak a project so that it may become financeable” says Andrew Giosa, Vice President, Media and Entertainment at RBC. “It’s so important that the film and television being produced is as diverse and inclusive as the communities in which we live. This program offers a holistic approach to support emerging producers and helps bring their projects to fruition.”
For more information about RBC’s BIPOC Emerging Producer Lending program and application guidelines, please speak with a specialized Media & Entertainment RBC Advisor.
This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.
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