Canada Gets New Indie Financing Company

by Mark Rabinowitz

A new film financing company, Independent Film Financing Inc. (IFF), has been started in Canada by former Paragon vice president, Laura Polley. According to a company statement, IFF will provide production financing services, including interim production and deficit financing and the structuring and financing of Canadian content and co-production deals involving Telefilm, treaty co-productions, the Canadian Audio Visual Certification Office (CAVCO) and the Ontario Film and Television Tax Credit (OFTTC), and by using other methods, such as Service and provincial tax credits.

In the roughly two months since the IFF opened its doors, they have began a number of projects, including productions with YTV Canada and IMAX Corporation. indieWIRE spoke with IFF Managing Director Vanessa Steimmetz by telephone last week, and she clarified the company's position. "We are not a fund," she said, adding that the company provided production financing services and advice. "We put producers together with banks."

In a prepared statement, Polly said that "given the rapid growth of independent production in Canada, there is a definite need for this type of service." She went on to say that, "By utilizing our resources filmmakers can concentrate on creating quality product for the marketplace."

Prior to setting up IFF, Polley was the Vice President of Paragon Financial Investments LTD. (PFI), a division of Paragon Entertainment Corporation, where she was responsible for all aspects of day-to-day operations of the division. Prior to the introduction of federal and provincial tax credits, Polley and PFI tax sheltered over 15 projects.

To contact IFF, please call: (416) 598-3270

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posted on May 11, 1998 |Share