Access to credit lines for cultural sectors
Key objectives of the measure:
The Ecuadorian National Council for Culture is in charge of the project called National Fund for Culture, which is a mechanism to promote culture through the financing of projects aiming local, regional and national interest. From 2012 to 2016,a total of $ 231,383.73 has been provided in reimbursable funds, while for non-reimbursable funds a total of $ 1,727,156.62 has been registered (See Annex 4). The available credit lines are: a) research b) free creation c) production d) distribution and circulation e) acquisition and/or conservation of heritage properties and/or destined for cultural purposes f) acquisition, rehabilitation, restoration and/or adaptation of real estate heritage assets g) acquisition, construction and/or adaptation of real estate destined for cultural purposes. Interest generated by reimbursable credits is 6%, with a term of 1 to 10 years. The applicant has periods of grace from 6 months to 3 years. At the end of 2015, the National Fund for Culture had a total of USD $ 25,859,300.50 in assets, from which 58.41% was placed in available funds, 38.67% in investments, 2.82% in loans and 0.11% in accounts receivable.