Financing tools and access to credit for cultural and creative industries

National Guarantee Fund (Fondo Nacional de Garantías)
Describe the main features of the policy/measure: 

The National Development Plan 2018 - 2022 "A Pact for Colombia, a Pact for Equity" established that the financial entities attached to the Ministry of Commerce, Industry and Tourism (Bancoldex and National Guarantee Fund), should create tools for financing and supporting the orange economy through intermediaries in the banking system.
As focal point of this guideline, Bancoldex defined an orange strategy and designated a project leader to serve as liaison with members of the industry. At the end of 2018 a long-term plan was completed, which is has four main lines of action:

i) Financing: Bancoldex makes its portfolio of financial products available to orange entrepreneurs through traditional and special rediscount lines, the latter being designed with favourable conditions (in terms, rates and grace periods) with contributions from allies; through direct credit, a mechanism to support medium and long-term investment projects of large and medium-sized companies; and Liquidex, a product that works as an invoice discount tool.

ii) Alternative financing mechanisms: inaugurated with the issuance of the world's first orange bonds that aimed to motivate the capital market to invest on the orange industry; these resources were used to finance companies, via credit lines and not for investment.

iii) Investment: This line of action is aimed at mobilizing third-party resources, where Bancoldex, through a Fund of Funds, invests in capital funds that support scalable ventures with an orange economy emphasis.

iv) Non-financial services: Its main purpose is to support companies and the different actors of the culture sector through non-financial services so that they improve their knowledge, capabilities and may count on business strengthening and support programs.

For its part, the National Guarantee Fund, facilitates access to credit for micro, small and medium-sized companies of the orange economy, by granting credit guarantees.

What are the results achieved so far through the implementation of the policy/measure?: 

In the period between August 2018 and December 2019, the National Guarantee Fund supported 69,766 businesspeople belonging to the 103 Orange activities who accessed 93,375 guaranteed loans worth $ 4.1 billion pesos.
Between August 2018 and December 31, 2019, Bancoldex disbursed more than $ 1.4 billion pesos, benefiting 35,610 companies in the 103 orange sectors, where 66% of the disbursements have been directed to MSMEs.

Financial resources allocated to the policy/measure in USD: 


Partner(s) engaged in the implementation of the measure: 
Name of partnerType of entity
Financial intermediaries (banks, financial cooperatives, micro-financial NGOs, fintech)
Government entities (national and local)
Public Sector
Capital funds
Private Sector
Private Sector
Bogotá Chamber of Commerce
Civil Society Organization (CSO)
Has the implementation of the policy/measure been evaluated?: 
If yes, what are the main conclusions/recommendations?: 

With the support of the Inter-American Development Bank, Bancoldex is carrying out an impact evaluation on the disbursements made by Bancoldex through different financial intermediaries, from 2015 to 2018, to orange companies. The results and conclusions of this research will be released in the second semester of 2020.

In turn, comparing 08/01/2016 - 12/31/2017 (from the previous government) vs. 08/01/2018 - 12/31/2019 (current government), an increase in loan mobilization of 27% is evident due to a prioritized management for the sectors of the orange economy that the current government is carrying out.

Objetivo(s) de la Convención 2005 de la UNESCO
Cultural Domain(s)