The fund is aimed to support the creative arts industry financially and creative persons who seek support from the fund dubbed Zylofon Arts Fund.
At a press conference held at the head office of Zylofon Media, Friday, Head of Communication, Samuel Atuobi Baah said the firm intends to start the Zylofon Arts Fund initiative with a million dollar.
According to him, “Zylofon Arts Fund is a fund that is going to support the creative arts industry from all disciplines. From dancers, movie and music producers, artistes to whoever plays a critical role in the creative arts industry stand a chance of accessing this fund”.
“To us at Zylofon Media, we see this as a lifetime investment which would be developed into a creative arts bank. But for now, it’s just a lifetime fund which will benefit the creative people,” he said.
Personalities or groups in the art industry who may want to access the fund would have to submit a proposal to the company for the project to be examined and endorsed or otherwise by a five-member board.
Mr. Baah averred that persons whose proposals are given the red light would not be required to pay interests on the amounts given them since Zylofon Media intends not to make any profit from the initiative.
He further disclosed that there are plans in place to sustain the initiative.
“We believe in the sustainability of the fund so Zylofon Media has decided to put 10% of profits we will make from our worldwide businesses into the fund to support it,” he said, while adding that Zylofon Media through its associates would seek support from other quarters as well as organizing fundraising concerts for the sustenance of the Zylofon Arts Fund.