Loan Plan to Aid Film Distributors Announced

Independent film distributors will become eligible for credit to market American-made films abroad under a new program announced Tuesday by Mayor Tom Bradley and leading representatives of the independent film industry.

The program, developed by a task force set up by the mayor, will provide film distributors with financing backed by the Export-Import Bank of the United States (Eximbank), Foreign Credit Insurance Assn. and American Film Marketing Assn.

“For the first time in its history, the independent film industry will be considered a bankable industry by the federal government and its insurance affiliates,” Bradley said.

Bradley said the program will increase jobs, enhance the competitiveness of American films and disseminate American culture and ideas.

The credit arrangements are expected to increase exports from independent film distributors by more than $200 million during the next five years.

“In California alone, film industry expenditures create an estimated 235,000 jobs and account for 6% of all employment in Los Angeles County,” Bradley said.

“This program is the first step to ensuring that the proliferation of independent film can continue to flourish as it enjoys new audiences in foreign countries.”

The Independent Film Industry Export Task Force, announced last year by Bradley at the American Film Market, includes the city of Los Angeles, Eximbank, Foreign Credit Insurance Assn., Lewis Horwitz Organization and Independent Feature Project/West.

Eximbank is the federal agency in charge of increasing jobs in the United States by boosting exports through direct loans. The Foreign Credit Insurance Agency is Eximbank’s semiprivate insurance arm.