News article
Arts Impact Fund
17/03/2015
​The new £7 million two-year pilot scheme has been established to demonstrate the potential for social investment in the arts.
Online applications can be made starting from the middle of next month for unsecured loans ranging from £150,000 to £600,000. Interest rates and terms for loans will vary but applicants can broadly expect interest rates to range from 4% to 7% per annum, and the loan duration to be between three and five years. The terms and conditions will be negotiated with individual applicant organisations and can include interest and capital payment holidays.
The repayable finance will be open to arts organisations with regulated legal structures that have a charitable purpose. Arts organisations should be a registered charity, a company limited by guarantee, a community interest company (CIC) or a community interest organisation (CIO).
To be eligible, applicants will need to demonstrate that:
- Their primary activity is in the arts.
- Their organisation is (or could be) sustainable.
- They can repay the loan.
- Their organisation’s activities meet at least one of the priority social areas:
- Citizen and Community
- Youth and Educational Attainment
- Health and Wellbeing.
The fund opens to online applications from 15 April 2015.