Arts Council England has announced that loans of between £150,000 and £600,000 are available to entrepreneurial arts and cultural organisations. The aim of the loans is to increase the resilience of art and culture in England.
The loans can be used, among other things, to:
- Acquire new assets
- Improve built infrastructure
- Develop new ventures
- Scale up existing revenue streams.
The Arts Impact Fund is created and funded by Bank of America Merrill Lynch, the Esmée Fairbairn Foundation and Nesta. It’s supported by the Arts Council with additional funding from the Calouste Gulbenkian Foundation. Unsecured loans are available with a repayment term of between three and five years with interest rates ranging between 3.5% and 8.5%.
Applications are accepted at any time.
Previous loans awarded include:
South East Dance – £350,000: The Brighton based dance agency will use the loan to bridge fundraising and allow work to start on its new hub The Dance Space. The new building will provide a rental income from its studio and office space, reducing the need for public funding and supporting its work with local artists and community development programme.
Autograph Media – £150,000: to set up a new commercial image licensing business specialising in race and cultural diversity. Autograph Media is the trading subsidiary of the visual arts charity, Autograph ABP, based in Shoreditch.
Live Theatre – £600,000: to launch a new commercial hospitality venture, making use of its capital assets to subsidise the work of the theatre in Newcastle.