A new programme of business support and access to finance to enable the growth of the region's cultural and creative industries launches in September.
Official statistics from the Department for Culture, Media and Sport show creative industries are worth £71.4 billion per year to the UK economy.
Creative sector businesses face challenges in accessing finance for their growth and development because they are often perceived as being high risk.
This is in part due to the lack of assets and the absence of commercial confidence within the creative sectors.
Many creative businesses are also run by young entrepreneurs with no lending history.
In Birmingham, Digbeth is home to the largest cluster of creative and digital businesses outside London, with 400 businesses employing 2,000 people in the creative and digital sectors. Many of these are based at the Custard Factory.
Creative Industry Finance (CIF) launches on September 23 and will offer up to 12 hours of free business support for creative enterprises, as well as the opportunity to access loans from a range of lending partners, starting from £2,500.
Applications will be available online to creative and cultural organisations that have been trading for at least 18 months and are looking for loan finance to support their growth and development.
The organisation behind the scheme is Creative United, an Arts Council England-backed Community Interest Company that provides financial services designed to enable the growth of the UK's cultural and creative industries.
Mary-Alice Stack, chief executive of Creative United, said: "Our mission is to build a sustainable and resilient creative economy in the UK and to make the arts accessible to all.
"Creative industries are a hotbed of talent with ample opportunity for investment. Through the development of the CIF initiative we are proud to support the growth of this crucial sector of the UK economy."
Alan Davey, chief executive of Arts Council England, said: "The roll-out of a nationwide Creative Industry Finance programme is fantastic news for the creative industries and even better news for the economy and those of us that reap the benefits of a well-funded creative sector.
"This programme gets right to the heart of creating opportunities for young and fresh talent to bring their creative ambitions to life and to find the seed-funding and much needed capital to support innovation."
