Arts, cultural and creative organisations in England can apply to a new £3.7 million Cultural Impact Development Fund to enhance their social impact and to become more resilient.
The aim of the fund is to:
- Enable risk-taking, ambitious organisations in the arts and cultural sector to take on small-scale repayable finance in order to achieve social outcomes;
- Increase the capability of arts and cultural organisations to articulate, achieve, monitor and evaluate their intended social impact.
Cultural Impact Development Fund offers unsecured loans (and revenue participation agreements, where appropriate) between £25,000 and £150,000 with repayment term of one to five years and interest rates ranging between 5.5% and 8.5%.
Cultural Impact Development Fund will pioneer the use of financial incentives to drive the achievement of social impact targets in its investment portfolio, making it one of the few impact investment funds with a clear trade-off of financial return for the attainment of social outcomes. The financial incentive takes the form of a reduction to the headline interest on a given loan in cases where the total loan term is 36 months or more.
For fund-specific enquiries, please contact Trishna Nath.
The Cultural Impact Development Fund is managed by Nesta and funded by Access – The Foundation for Social Investment, with finance being provided by its partners Big Lottery Fund and Big Society Capital.
Applications to the fund can be made at any time.