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The Film Guarantee Fund (FGF) has approved its latest loan guarantee of $2.375 million to Panorama Distributions Company Limited for its film project "One Hour Papa".
Citic Ka Wah Bank Limited agreed to provide a facility of $4.75 million for this film project, while the FGF will guarantee 50% of the loan. This is the 10th approved case since the FGF was launched in April, 2003. At present, there are four outstanding loan guarantees and the fund committed for these cases is $8.875 million.
The spokesman of the Film Services Office said the FGF provided loan guarantees to local participating lending institutions that offered loan facilities to film productions that had secured a film completion arrangement. The maximum loan guarantee for each film is 35% of the production budget or $2.625 million, whichever is less.
"All film production companies registered locally that have produced at least two films in the past 10 years for commercial release in Hong Kong before applying for a guarantee under the scheme are eligible to apply for a guarantee. Interested film production companies can submit applications through the local participating lending institutions," the spokesman said.
At present, there are nine local lending institutions participating in the scheme. An updated list of the participating lending institutions can be found at the following website: http://www.fso-tela.gov.hk/doc/list.pdf. Application forms for the fund can be obtained from the Film Services Office, 40/F Revenue Tower, 5 Gloucester Road, Wan Chai, or downloaded from the following website:http://www.fso-tela.gov.hk. Enquiries can be made on 25945729 or 25945726 or via e-mail:info@fso-tela.gov.hk.
Ends/Saturday, March 18, 2006
Issued at HKT 11:01
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