Little wonder Ignacio Varela, the Galicia Audiovisual Consortium manager, was smiling at Tuesday’s Galician Happy Hour.
Galicia’s government and Caixa Galicia are creating a new risk capital film fund, investing in higher-budget films with hometurf and international potential.
Fund’s partners are Caixa Galicia, the Galicia Audiovisual Consortium, the Fondo Adiante, and the Galician Institute for Economic Promotion.
Start-up capital runs at Euros 3 million ($4.0 million). That may not seem much.
But the fund’s money is investment, not credit: producers don’t have to return it.
And coin runs up to Euros600,000 ($811,000) per pic – more than most TV pre-buys or central government subsidies in Spain, giving the fund real muscle to cherrypick significant movies from Spain or abroad, tempting them to consider a Galician shoot or part Galician talent, factors tat can favor investment.