FILM: Finance firm launched

S3 Entertainment Group, a Ferndale-based direct provider of the infrastructure necessary for successful film production in Michigan, has announced the launch of Michigan Film Finance LLC, a company to collaborate with producers and out-of-state lenders in financing films, maximizing the film production incentive tax credit and creating jobs in Michigan.

Currently, Michigan Film Finance is the only Michigan-based company financing the state’s film incentive. Productions can receive up to a 42% rebate on interest and other financing costs paid to MFF. The company has created a local investment fund to provide the financing to these films. MFF investors receive a 12% annual return from the film investment fund. MFF said it only lends to fully bonded productions and creates additional security for investors by bonding the amount of the incentive as well.

In addition to financing the film production incentive up-front, Michigan Film Finance works with out-of-state lenders and producers to originate, process and disburse loans for the productions, thus enabling them to take advantage of the film production incentive and quickly bring increased film business to Michigan.

Source: Detroit Free Press