3 questions for …

Florence Philbert, IFCIC General Director    

Florence Philbert, a former Ecole Nationale d’Aministration student and Ecole Nationale de la Statistique et de l’Administration graduate, joined the Paris Financial Directorate in 2004 before being named Director of Budget, Finance, and Mixed Economy Companies in the Deputy Mayor’s Cabinet in 2008. In 2011 she joined the first chamber of the Cour des Comptes (national auditing office) and in 2012 was appointed to the Minister of Employment’s cabinet. In 2013 she became Deputy Director to the Budget Minister and in 2014 Counsellor to the Prime Minister of Budget and Public Accounts. In July 2015 Florence Philbert combined her two biggest interests, culture and finances, as General Director for the l’Institut pour le Financement du Cinéma et des Industries Culturelles (IFCIC).  

Tell us about the IFCIC. What’s its mission and how does it work?
The IFCIC has existed since 1983. It’s a state-run, general interest credit institution. That means it gives cultural and creative businesses better access to loans via two tools: guaranteed bank loans and loans. In the past, the Institut helped the film and audiovisual sectors. IFCIC activities subsequently expanded to other cultural and creative industries such as video games, the press, live performances, books, and art galleries. In 2011 it also opened up to fashion designers. Since December 2017, all businesses within the scope of the Ministry of Culture have access to IFCIC guaranteed loans, loans, and profit participating loans. As of 30 November 2017, around €1 million in loans had been guaranteed and granted by the Institut to help 1,000 businesses and cultural organisations.   Up until 2017, loans for young fashion designers were short term with a €100,000 ceiling. Our ability to act was very limited; we couldn’t give support to the sometimes wary banks. So it was difficult to meet the demand. Today our solutions are more flexible and, above all, more extensive. We have greatly expanded our loan offer, which can be in the millions of euros. The IFCIC doesn’t ask for collateral or guarantees for loans. The quite simple reason is that our mission as a general interest organisation is to facilitate businesses’ access to bank financing. Loans can last up to seven years and beneficiaries can start making payments the beginning of the third year. This financing is considered as a kind of equity. So borrowers then have collateral for traditional bank loans. It’s a virtuous circle.  

What kind of fashion designers contact the IFCIC? What do they ask for?
Since 2011, the IFCIC has helped around 40 designers who produce ready-to-wear for men and/or women, as well as haute couture designers. Today, thanks to our new offer, young brands no longer hesitate to call on us. We notice that young designers are increasingly ambitious and less reluctant to set up external financing, a process we make easier.   With our committee, composed of experts from the Fédération Française du Prêt-à-Porter, DEFI (who finances and advises us), our financial partners, and other independent experts, we have multiple discussions with the designers. The idea is to discover solutions through decisions to finance, for example, brands’ long-term development expenses, international presence, internet development, recruiting employees (purchase managers or staff to increase trade show presence), etc.  

What impact does the IFCIC have on the future of fashion?
One of our missions is to assist and support innovation, especially the new digital sales channels. The economic importance of this sector is very important, since it not only develops the creative fields in our country, but also internationally. It’s an important sector for the future. We’re also very focused on championing the made-in-France movement, and, more widely, on promoting French creativity.