The Cogeco Program Development Fund, an arm of Maclean Hunter Television Fund to assist Canadian television series, is giving its borrowers a break. Producers now have until the first day of principal photography to pay back loans made by the fund. In the past, loans had to be repaid within a two-year period regardless of whether a series went into production.

After reviewing the two-year repayment schedule, the Cogeco board decided it was unrealistic, says Andra Sheffer, executive director of the mh fund. ‘The board wanted to try it out, but it was always an issue and quite evidently a problem, especially for smaller production companies,’ she says.

Sheffer says the old repayment rule ‘held back several people. It also made us (at Cogeco) hesitate. How would we ever get this money – go after houses and cars? The board agreed that it was just not reasonable.’

Cogeco has no official limit on funding for a project, but the range has been $2,000 for a small bible project to $15,000 for a third draft of more than three episodes. Although the fund is clearly laid out in three categories – bible and treatment, first or final draft for at least three episodes – Sheffer says, ‘because we are a private fund, we’re very flexible. People have come to us with projects that don’t fit into any of our categories and we have given money depending on what the project is.’

Sheffer expects the change to bring in more applications. Not that Cogeco needs them. She says about 40 applications are received annually, of which a third to half receive funding.

By August, the three-year-old fund will have $4 million in capital, with a cap of $5 million to be set by the end of 1995. Cogeco has been contributing $1 million per year with a total commitment for five years. The fund operates in perpetuity, using the interest gained from the principle. ‘It could be there forever,’ says Sheffer.