Funding body: Nesta
Funding available: £25,000 to £150, 000
Application deadline: 31/08/2021
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.
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.
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: [email protected]
Applications for investment must be submitted before the deadline of 31 August 2021.
Useful documents & links
Addresses and contacts
For further information on how to obtain this grant locally, please contact the following:
Arts Culture Finance Enquiries
58 Victoria Embankment
Tel: 020 7438 2500
Fax: 020 7438 2501
Email: [email protected]