A £3.7 million fund providing small-scale repayable finance to socially-driven arts and cultural organisations. 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 Fund is supported by Access – The Foundation for Social Investment through the Growth Fund programme, with finance being provided by its partners The National Lottery Community Fund and Big Society Capital.
Fund objectives
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.
Funding available
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%. It is open between September 2018 to August 2021. There is a 1% completion fee, a 2% per annum, pro rata holding fee (minimum holding period is 6 months) and no early repayment fee.
To find out more, visit the Arts & Culture Finance website.
For further information please contact our Grants Specialist Alison Elvey on 01872 276116 or alison.elvey@rrlcornwall.co.uk.
Updated 10 December 2019