Sound Royalties has extended its $20 million, no-cost funding program application deadline to May 16. Songwriters, performing artists, producers, independent labels, distributors and publishers receiving royalty income can apply for financing on a one-year repayment schedule, with no fees or costs.
In addition to the 12-month, no-cost advance option, terms that extend beyond one-year are also available. Applicants are qualified based on verifiable royalty income of at least $5,000 per year.
Sound Royalties provides funding to music creatives without requiring copyrights to be secured as collateral. The company also offers pass-through income so a creative can still receive ongoing royalty payments.
“Based on the overwhelming response from the music community, we’re continuing our no-cost funding program and also want to emphasize that many independent labels and publishers are eligible,” says Alex Heiche, CEO and founder of Sound Royalties. “The past month has been brutal for the music industry with so many event cancellations and payment delays. With this extension to apply for a no-cost advance, we will continue our efforts to ease some of the burden caused by this unprecedented interruption in business.”
“Most musicians, songwriters, and producers, as well as many music industry entrepreneurs, are considered self-employed, independent contractors or sole proprietors of small businesses,” said Michael Bizenov, President of Sound Royalties. “These individuals, are being hit hard right now and we’re glad to be able to offer them this no-cost option.”
Sound Royalties launched in 2014 and has worked with musicians including DJ Khaled, Rich Robinson, Pitbull, Brenda K. Starr and more.
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