AMPCO Films to fast-track projects
By Brendan Swift
Adelaide Motion Picture Company Films plans to use its recent SA Film Corporation loan to fast-track multiple projects and build its business, according to founder Mario Andreacchio.
The Norwood-based production house was last month awarded the $500,000 loan, which will be made in two tranches, under the SAFC’s new Enterprise Development Program. It forms part of an industry-wide push to empower producers.
“This approach also recognizes the importance that producers need to own the project – they need to take it into the marketplace and they are the ones who have to live or die by it,” Mr Andreacchio told INSIDEFILM.
The SAFC program provides up to $500,000 in funding over two years for production companies that have secured genuine opportunities to develop and expand their operations measured by revenue, a strong pipeline of projects and a sustainable business plan.
AMPCo’s initial $250,000 loan was reduced by $50,000, which it has repaid under a previous arrangement with the SAFC, while the final tranche of the loan is dependent on achieving hurdles including completing Chinese-Australian co-production The Last Dragon. The business has also secured substantial financing from Adelaide-based investors.
Mr Andreacchio said The Last Dragon was due to be shot towards the end of May after financing issues, related to the global financial crisis, had slowed production.
The terms of loans granted under the pilot scheme will be released by the SAFC at a later date.
The state agency has backed several projects led by Mr Andreacchio in recent years including making a $400,000 in his Elephant Tales feature in March 2004. Mr Andreacchio previously won an Emmy in 1988 for Captain Johnno.