EFIC provided a loan to Dragonet Films to cover production costs
Venice, an Australian drama based on a feisty central female character, is the type of film that its producer, Karen Radzyner of Dragonet Films Pty Ltd, describes as “increasingly hard to make”, due to minimal commercial interest in financing niche productions. “Budget levels have dropped in line with the dwindling finance options”
Venice explores the complex webs we weave with our personal relationships through the primal emotions experienced by the central character, Venice, when her ex-hippy dad comes to stay in her tiny Sydney apartment.
Even though this first feature by director Miro Bilbrough attracted international financing based on the critical success of her previous short film, cash flow for production was still a challenge.
“We had secured enough commercial funding to finance the majority of production of the film, but in our business, without 100% of the finance in place, you don’t have a green light, so no film”, said Ms Radzyner.
To help ease cash flow for the production, Export Finance and Insurance Corporation (EFIC), the Australian Government’s export credit agency, provided a loan of $489,528 to Venice Productions, which is a special purpose vehicle production company owned by Karen Radzyner of Dragonet Films.
“EFIC’s Producer Offset loan provides financial support for Australian productions that are eligible for the Australian Government’s Producer Offset, and have international distribution agreements”, said EFIC’s Head of Alliance and Product, SME & Mid Market, Alex Fernandez. “EFIC’s loan is specifically designed to complement the tax rebate and bridge the gap between when costs are incurred and when the rebate is received.”
“EFIC’s loan helped to affordably increase our cash flow, enabling us to meet the full costs and get the green light to make our offbeat movie that audiences at home and abroad will relate to ”, said Ms Radzyner.
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