Large “cultural” venues can now apply for a share of more than £270 million in affordable Government-backed finance.
The corporate finance scheme forms part of the £1.57 billion Culture Recovery Fund intended to support cultural businesses affected by Covid-19.
According to the guidance, organisations which can demonstrate “national or international significance and opportunities to engage their local communities through education and outreach” can apply for funding in excess of £3 million. There is no upper limit.
The “generous loan terms” include a payment term of up 20 years, an initial repayment holiday of up to four years and a two per cent interest rate per annum.
“For the purposes of this programme, ‘cultural organisations’ refers to charitable; not for profit; and commercial organisations operating within the arts, museums, heritage (including built, natural and intangible heritage) sectors,” the guidance states.
Applications will be reviewed by Arts Council England with input from the British Film Institute, Historic England and National Lottery Heritage Fund.
The scheme follows the launch of a non-repayable grant scheme designed to support the smallest arts venues, heritage sites and independent cinemas.
Commenting on the scheme, Culture Secretary Oliver Dowden said: “We’ve already announced hundreds of millions in grants to help independent cinemas, local music venues and arts organisations in the heart of communities across the country. This repayable finance will be the helping hand some of our largest venues and attractions urgently need.”
Applications will open from 21 August until 09 September 2020. For guidance and eligibility rules, please click here.
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