The Arts Council England has announced that a national dance agency, amateur dramatics group, and artists’ studio space are the first three organisations to receive investment from the UK’s inaugural £7million Arts Impact Fund.
The Fund brings together public, private and philanthropic investment from Bank of America Merrill Lynch, Esmée Fairbairn Foundation, Nesta and Arts Council England with additional support from Calouste Gulbenkian Foundation. The Arts Impact Fund offers loan finance of between £150,000 and £600,000 specifically to arts and cultural organisations across England. Interest rates and terms for loans will vary but you can broadly expect interest rates to range from 4-7 per cent pa and the loan duration to be between three and five years. Amongst the recipients is Titchfield Festival Theatre which received a loan of £150,000. Run by volunteers the theatre group will use the funding to repair and improve the functionality of one of its two venues to grow its rental income and allow it to install solar panels. Excess energy will be sold back to the grid. The improvements will support the group’s theatre education programme and free ticketing to local schools.
Applications to the Arts Impact Fund can be made at any time.