AIM Offers Startup Loans

AIM chief exec Alison Wenham was expected to give a little more detail at a special launch party at London’s Langham Hotel March 31, when Beggars Group founder and chairman Martin Mills and Merida Sussex from Stolen Recordings were to discuss the challenges facing independent music companies and why the launch of the loans program is so important.

AIM, which represents more than 800 music companies in the UK, has long campaigned for better access to finance for the independent music sector.

This new initiative allows them to support new entrepreneurs by providing low-interest loans and offering training, advice and mentoring.

AIM will also be responsible for assessing applications and can approve personal loans ranging from £1,000 to £25,000 for business purposes, which can be paid back in one to five years.

The average loan amount is expected to be about £5,700 and is decided individually depending on a company’s business needs.

The interest rate is fixed at 6 percent.

“As a result of this groundbreaking new scheme AIM is now in a position to support independent music entrepreneurs with proper financing, support and advice to enable them to implement their creative ideas and grow their businesses,” Wenham explained. “In Martin Mills and Merida Sussex we have two great examples of people who have gone on to create successful companies and it will be fascinating to hear what advice they have for independent music entrepreneurs thinking of starting new businesses.”