Local artists can access low-interest business loans through the government’s Entrepreneurial Development Fund to help finance music production, Prime Minister Gaston Browne says.

Browne said artists may borrow at interest rates as low as 3%, with repayment periods of up to seven years.

The prime minister said he was not aware of any artist who had applied for financing through the programme despite the facility being available to them.

“If an artist, for example, is seeking to borrow some money to assist with his production, he can borrow at an interest rate as low as 3%,” Browne said.

He encouraged musicians to invest their own money in developing their work instead of depending entirely on government assistance.

Browne suggested that an artist could borrow EC$5,000 or EC$10,000 for a project and potentially combine that money with financial support from the government.

The loan programme is separate from the newly announced Creative Industries Development Fund, through which the government plans to make EC$250,000 available annually to support local artists.

Browne said the new creative fund’s administrative structure is still being developed and could become operational within weeks or a few months.

This article was originally published by Antigua News Room. Read the original article here: Artists Can Access Low-Interest Loans for Music Production.