One of the largest banks in the UK Barclays has launched a specialized program to finance video game developers. He is ready to give a loan for tax deductions that have not yet been paid.
These loans are offered by the bank as an additional source of financing. Otherwise, the developer company would have to expect to receive a deduction from the state from taxes already paid (in England, this can take from six to eight weeks).
Barclays is ready to subsidize up to 90% of the tax deduction before it is fully processed. The minimum transfer amount is £100 thousand ($131 thousand). At the same time, the bank will require the developer to provide information on what exactly the money will be used for.
The bank’s position on the initiative was revealed by Gavin Smith, one of Barclays’ public relations directors:
The state has introduced tax incentives for manufacturers to help them create and publish games in the UK. Our program works as an advance within the framework of these benefits, helping much-needed cash flow for young gaming companies.
As he writes GamesIndustry.biz Barclays is the first major bank, including in the private sector, to offer a similar program for gaming teams.
In turn, we hope that domestic banking institutions will soon be able to offer similar initiatives.
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