Get the most out of the orange economy

The Ministry of Culture and Bancóldex announce an alliance that creates a new preferential credit line for cultural and creative activities., These include audiovisual projects, those associated with the visual and performing arts, those advanced by entities that manage heritage, publishing, among others; with the objective of providing greater liquidity to the country's entrepreneurs during their economic reactivation process as a result of the economic crisis generated by the COVID-19 pandemic.

The preferential line of credit ‘'Culture Forward', With a total quota of $6 billion, its purpose is to finance working capital needs and debt replacement, for the payment of payroll expenses and other operating costs and expenses.

Likewise, the credit resources may be used to make investments for the modernization of companies, including leasing operations, which help to reactivate economic activity, purchase of machinery, premises, adaptation of places, also considering investments aimed at guaranteeing biosecurity in the operation of the company.

A total of 15 economic activities in the Orange Economy sector will benefit, including: visual arts such as photography, plastic and visual arts, performing arts such as theatrical creation, live musical performances, heritage such as museum activities and operation, conservation of buildings and historical sites, book publishing and literary creation, audiovisual creation, such as film production, videos, programs, advertisements, post-production, exhibition, programming and transmission in the sound broadcasting service.

“The resources we are activating, in partnership with the Ministry of Culture, include significant relief measures that will help companies and artists in the Arts and Heritage and Cultural Industries sectors of the country's Orange Economy to quickly reactivate their activities, accessing funds on very favorable terms to guarantee their liquidity and modernization in the post-pandemic context.”, Javier Díaz Fajardo, president of Bancóldex, reiterated.

For their part, the Minister of Culture, Felipe Buitrago, he pointed out that “through the preferential credit line 'Cultura Adelante'‘ Companies will be able to cover the investments necessary to reactivate their productive activity, maintain or create new jobs, and recover their infrastructure. It will also provide greater liquidity to the country's businesses during their economic recovery process following the economic, social, and environmental crisis caused by the lockdown.

And he added: “We will have ongoing support from Bancóldex and the Ministry of Culture to guide and assist companies in understanding and using this financing alternative.”.

This line of credit will be distributed through commercial banks and other financial intermediaries with available credit lines at Bancóldex. These institutions will set the terms for disbursement, with amounts of up to 1.4 billion pesos available to interested individuals and businesses. The loan includes backing from the National Guarantee Fund, a grace period of up to twelve months, a repayment term of up to five years for working capital and debt refinancing, and a term of up to seven years for modernization investments. These are some of the financial benefits available to borrowers.

How to access the line “Culture Forward”?

Bancóldex has a wide network of partners that entrepreneurs, artists, art schools and other interested parties can turn to, such as banking establishments, financial corporations, financing companies and financial cooperatives., Fintech, Financial NGOs, cooperatives with savings and/or credit activities, financial foundations, compensation funds, employee funds, microfinance entities, and other entities with credit lines at Bancóldex. The requirements and procedures will depend on the loan analysis and granting policies of each financial intermediary.

If you wish to consult the list of partners and the steps to access the loans, check the website

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