RBC's BIPOC Emerging Producer program aims
to address critical barriers that Black, Indigenous and racialized
media producers face to secure financing and support their
production projects
TORONTO, July 21,
2022 /CNW/ - Royal Bank of Canada (RBC) today announced the launch of its
BIPOC Emerging Producer program – a new initiative that
provides financing of up to $500,000,
as well as access to experts and resources, to eligible emerging
media producers in the Black, Indigenous, and People of Color
(BIPOC) community in Canada.
Across the arts and entertainment industry, growing demand for
inclusive representation – as well as new content platforms and
channels – is increasingly opening the stage for a new generation
of diverse storytellers and creatives. However, many emerging BIPOC
producers continue to face barriers when it comes to accessing
capital at the onset of their projects to support their
productions. Many lenders look for a track record of completing and
delivering projects as a pre-condition for funding, resulting in
many non-established Black, Indigenous and racialized producers to
opt for more expensive private financing or to relinquish equity in
order to bring their projects to life.
"There's no shortage of diverse voices and creators in
Canada who have important stories
to tell to help foster more vibrant and inclusive communities and
economies," says Greg Grice,
Executive Vice-President, Business Financial Services, RBC.
"Unfortunately, we're continuing to see a gap in diverse
storytelling and industry representation in today's broadcast and
television industry because many emerging BIPOC producers encounter
significant barriers such as access to critical funding or advice
before they've even begun production."
RBC's new BIPOC Emerging Producer program aims to provide
easier access to financing earlier in the production journey to
help get projects off the ground and on a successful path to
completion. This initiative will provide qualifying emerging
producers in the Canadian BIPOC community with interim funding of
$100,000 to a maximum of $500,000 for their Canadian Radio-television and
Telecommunications Commission (CRTC) broadcast licensed production
projects with budgets of approximately $500,000 to $2,000,000. Through the program, clients will
also receive tailored advice, resources and ongoing support from
highly specialized RBC Advisors in the media and entertainment
industry.
"RBC is committed to supporting our country's emerging BIPOC
producers from the start of their artistic journey and ensuring
they have the advice and resources they need to successfully
complete their production. Building on the RBC Black
Entrepreneur Program that we launched in 2021, we're proud to
introduce our BIPOC Emerging Producer program to enable
up-and-coming producers on their journey and foster a more
inclusive and diversely represented film and television industry in
Canada," says Grice.
RBC's BIPOC Emerging Producer program supports the key
pillar of Enabling Economic Growth and Wealth Creation in
the bank's Action Plan Against Systemic Racism which addresses
issues of inequity and systemic bias, and aims to expand
opportunities for BIPOC clients, colleagues, and communities.
The BIPOC Emerging Producer program also aligns to RBC's
multi-year commitment of supporting emerging artistic talent in
Canada and helping them progress
from emerging to established talent through the RBC Emerging
Artists program, which has invested over $90 million in training, networks and exposure to
new and diverse audience programming.
For more information about RBC's BIPOC Emerging Producer
program and application guidelines, please speak with a
specialized Media & Entertainment RBC Advisor.
About RBC
Royal Bank of Canada is a
global financial institution with a purpose-driven, principles-led
approach to delivering leading performance. Our success comes from
the 89,000+ employees who leverage their imaginations and insights
to bring our vision, values and strategy to life so we can help our
clients thrive and communities prosper. As Canada's biggest bank and one of the largest
in the world, based on market capitalization, we have a diversified
business model with a focus on innovation and providing exceptional
experiences to our 17 million clients in Canada, the U.S. and 27 other countries. Learn
more at rbc.com.
We are proud to support a broad range of community initiatives
through donations, community investments and employee volunteer
activities. See how at rbc.com/community-social-impact.
SOURCE RBC Royal Bank