EFIC helps BUNYA Productions with a Producer Offset loan for the film Satellite Boy
Indigenous director, Catriona McKenzie’s directorial debut, Satellite Boy tells the story of a young Aboriginal boy from the outback town of Wyndham, Victoria, who travels to the city with his best friend to try and save his home from developers.
It is a heart-warming story of friendship that has resonated strongly in regional communities for its positive messages about indigenous and local community issues in these regions. However, even after securing commercial backing for the project, the producers faced cash flow issues.
David Jowsey, producer of Satellite Boy and principal partner of BUNYA Productions, explains: “We ticked all the boxes with a great story, a talented cast and crew, and commercial backing for the project, but we still faced a funding gap between the time we incurred the costs and when we receive the Producer Offset through the tax system”, said Mr Jowsey.
The producers will, following completion of the film, be able to apply for the Australian Government’s refundable tax rebate, Producer Offset. However, post-production costs would have to be paid before the rebate is received. Costs include editing the film and soundtrack and legal, business and marketing expenses.
Export Finance and Insurance Corporation (EFIC), the Australian Government’s export credit agency, is providing a $850,550 Producer Offset loan to support the production of the movie. EFIC’s Producer Offset loan assists in the financing of eligible Australian film, documentary and television productions with international distribution agreements. The loan provides upfront access to funds for production.
“EFIC is excited to support the export of such a poignant and positive Australian story through our Producer Offset loan”, said EFIC’s Head of Alliance and Product, SME & Mid Market, Alex Fernandez. “Although based in regional Australia, Satellite Boy's simple message about the power of friendship is universal, and EFIC is proud to be a part of this production.”
“EFIC’s support helped us to bridge the funding gap by increasing our cash flow”, said Mr Jowsey.
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