WHERE LOCAL BUSINESS GROWS

Hub Organisation Page

What We Do

Description

A £3.7 million fund providing small-scale repayable finance to socially-driven arts and cultural organisations.

Current Status: Open for Applications
Maximum value: £ 150,000

Objectives of Fund

The objectives of the fund are 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.

Value Notes

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.

Who Can Apply

Arts and culture organisations based in England are eligible to apply, including:
•Arts and cultural venues
•Museums, libraries and archives
•Non-venue based organisations (e.g. touring organisations, production companies, festivals, etc.)
•Sector support organisations (e.g. development agencies, workspace providers, cultural education organisations)

Charities, community interest companies and community benefit societies with a recognised charitable purpose are eligible for investment. Other incorporated entities, such as companies limited by shares, will be considered based on the strength of their social mission and whether the majority of their profit will be reinvested into that mission.

Organisations must be registered in England and primarily benefiting communities in England. Digital organisations will need to demonstrate their primary audiences are based in England.

Restrictions

Loans will not be made to individuals, sole traders, partnerships or unincorporated bodies (unless their partners/members are exclusively corporate bodies).

How To Apply

Contact NESTA for more information: artsculturefinance@nesta.org.uk

Applications for investment must be submitted before the deadline of 31 August 2021.

Designed by Kirklees Council
Built and powered by Alcium Software
Close cookie policy popup window
This site uses cookies for analysis purposes only. This helps us understand how you and other visitors use our site. To see a complete list of these cookies or to opt out please access our cookie policy page.

You will see this message only once, but you will be able to find more information about our use of cookies or opt out at any time.