Covid-hit arts must ‘prove significance’ for loans
ARTS organisations will have to meet rigorous standards to be able to access a £270million government loan fund.
Organisations must show national or international significance and prove they can engage with communities through education and outreach, the Department for Digital, Culture, Media and Sport has revealed.
They will also have to demonstrate their efficiency and that they have “ongoing viability for the future”.
The money is part of the first offering from the Government’s £1.57billion funding package for the arts in the wake of the pandemic.
Each eligible organisation can apply for a minimum of £3million in funding on a loan arrangement.This includes a term of up to 20 years, an initial repayment holiday of up to four years, and a two per cent interest rate.
Arts Council England will review applications along with the British Film Institute, Historic England and National Lottery Heritage Fund.
Decisions will be made by the independent Culture Recovery Board, chaired by Sir Damon Buffini. Culture Secretary Oliver Dowden said: “This repayable finance will be the helping hand some of our largest venues and attractions urgently need.
“This is another part of our plan to help it weather the Covid storm.”
Further DDCMS funding allocations include a £50million Heritage Stimulus Fund from Historic England.