DEFUNITION

Creative Contribution to the Economy

By N.K.Narasimhan

The creative industry has always been essential in shaping our culture and contributing to the economy. However, despite its importance, many senior creative artists, artisans, writers, and others in this field find themselves struggling to provide for their needs. As a result, unemployment within this group has become a significant problem that needs to be addressed.

 

In recent years, banks and other financial institutions have been offering loans against collateral security, which is a form of security provided to the lender as a guarantee that the loan will be repaid. However, this approach is not feasible for creative seniors who need financial assistance. The collateral security needed for such loans usually involves physical assets such as real estate, cars, or equipment, which many creative professionals do not possess.

 

To address this challenge, banks can offer loans against the intellectual property of these creative seniors. Intellectual property includes patents, trademarks, copyrights, and other intangible assets. By offering loans against this type of property, banks can provide creative seniors with financial assistance they need.

 

For instance, if a sculptor has a unique artistic style, they can offer their intellectual property as collateral to obtain financial assistance from the bank. The same approach can apply to writers, painters, musicians, filmmakers, and other creative professionals.

 

Banks can also offer lower interest rates and flexible repayment terms for loans taken out against intellectual property. This way, creative seniors can comfortably repay the loans without being stifled financially.

 

Moreover, opening up new and creative avenues for senior creative professionals to obtain loans can unlock a wealth of benefits for the larger society. By providing financial support, these creative seniors will be able to continue creating and sharing their art with the world, leading to more cultural and economic growth.

 

In conclusion, supporting seniors in the creative industry by offering loans against their intellectual property is a beneficial approach for banks and the broader economy. While it requires a different approach to traditional loan practices, it could unlock a wealth of benefits for creative seniors by providing them with the resources they need to continue making incredible art. Banks should consider implementing such initiatives to support our creative seniors