S3 Entertainment Group has announced the launch of Michigan Film Finance a company to collaborate with producers and out-of-state lenders in financing films maximizing the film production incentive tax credit and creating new 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 percent rebate on interest and other financing costs paid to Michigan Film Finance. The company created a local investment fund to provide the financing to these films. Michigan Film Finance investors receive a 12 percent annual return from the film investment fund. Michigan Film Finance 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 bring increased film business quickly to Michigan. “For most productions the state film incentives are critical to getting the movie financed ” says Jeff Stern co-managing partner of S3 Entertainment and Michigan Film Finance. “We are now providing an important part of that financial equation and giving filmmakers another reason to film in Michigan.” “Michigan’s film incentive is certainly the brightest spot in Michigan’s economy ” says Jeff Spilman co-managing partner of S3 Entertainment and Michigan Film Finance. “And financing of productions is essential in order for Michigan to be successful in both the short and long term.” Productions can save up to 42 percent in production and financing costs by working with Michigan Film Finance and its parent S3 Entertainment Group. The goal is to bring film business to the state of Michigan and to create jobs in the film industry that can employ many Michigan workers. S3 Entertainment Group www.S3eg.com
