Hrvatska poštanska banka (the Croatian Postal Bank – HPB), in collaboration with the Croatian Audiovisual Centre (HAVC), has developed a new credit product in its portfolio that will facilitate the financing of audiovisual production for certain types of AV works receiving state subsidies awarded by HAVC.
The new HPB credit product enables the financing of:
- national audiovisual works in accordance with the State Aid Programme for the Allocation of Funds for the Promotion of Audiovisual Production, Audiovisual Culture and Preservation of Audiovisual Cultural Heritage (Selective State Aid), and
- audiovisual works in accordance with the State Aid Programme for Encouraging Investment in the Production of Audiovisual Works (Automatic State Aid – Filming in Croatia)
The cooperation with HPB is a new step that facilitates credit financing for projects supported by HAVC. It will provide Croatian producers with financial security during the film production phase and offer a better negotiating position in arranging international co-productions. We are glad that, as a Croatian bank, HPB has recognized the potential of the audiovisual sector. We believe that this collaboration will contribute to the further success of our films and make Croatia an even more desirable filming location.Christopher Peter Marcich, HAVC CEO
This collaboration allows us to have a more flexible approach to clients with specific needs – producers of audiovisual works, micro, small and medium enterprises, via several financing models, with the aim of promoting audiovisual production, audiovisual culture and the preservation of audiovisual heritage. As a reliable partner, we are pleased to contribute to the community by creating a special line of fast credit loans for financing cultural activities that enable our clients to secure financing on favourable terms more quickly and easily, until they receive payment of state subsidies, as well as aiding faster distribution of creative content. We are very proud to participate in promoting the popularity of Croatia as a recognizable filming location. Croatia’s film tourism is experiencing a real boom, while one of the most significant positive effects of such tourism is attracting tourists to our destinations even in out of season periods. We believe that in the future we will continue to develop this cooperation to mutual satisfaction.Hrvatska poštanska banka, joint-stock company
For financing of audiovisual production until 31st December 2023, in accordance with the duration of both state aid programmes awarded by HAVC, HPB has secured a total annual amount of 100,000,000.00 HRK (up to 50,000,000.00 HRK planned for financing domestic production projects in accordance with the Selective State Aid Programme, and up to 50,000,000.00 HRK for financing foreign production projects – Filming in Croatia).
The credit product is intended for financing project costs for projects that have applied to HAVC for co-financing, up to the amount of support awarded based on the decision of the Audiovisual Council and the Co-financing Agreement, under the Selective State Aid Programme, or the Guarantee Certificate, under the Automatic State Aid Programme.