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Banking Committee Aims to Improve Financing for Producers

Four major banks and other film financing providers have joined together to identify and address ways to improve how lenders work with the Canadian production industry. Their number one aim is to alleviate the financial bottlenecks independent producers encounter when borrowing money.

The Production Lenders Committee was founded by representatives from CIBC, HSBC Bank Canada, the National Bank of Canada and RBC Royal Bank; all are members of the Canadian Film and Television Production Association. The PLC is a sub-committee of the CFTPA's Tax and Finance Committee.

"We felt this was a great opportunity to work on areas of mutual interest. The banks understand how a number of our members are stressed by funding slowdowns, which ultimately affects production costs," said Stephen Ellis, CFTPA chair.

The committee aims to improve production lending by developing strategies that will better deal with government bureaucracy as well as broadcasters. Small and medium sized production companies, as well as larger ones, often cannot complete production if all of their funding is not in. The committee also plans to explore the possibility of reducing the negotiation time in financial transactions with broadcasters and funding agencies.

The PLC intends to meet frequently throughout the year. Committee members include Guy Mayson and Steve Ord from the CFTPA; Daniel McMullen, assistant vice-president, HSBC Bank Canada; Catherine MacKay, CIBC; Annette Grot, Equicap Financial Corporation; Jonathan Powell, National Bank of Canada; Robin Mirsky, Rogers Telefund; and Joanne D. Gordon, RBC Royal Bank.

The CFTPA is a non-profit, trade association representing almost 400 companies involved in the Canadian media content production industry. The Association promotes the general interests of Canadian media content producers by lobbying government on policy matters, negotiating labour agreements, offering mentorship programs, copyright initiatives, holding seminars, and producing industry publications.

For more information on this, please contact:

Jane L. Thompson
Director of Communications
Canadian Film and Television Production Association

Tel: 613 233 1444 ext 227