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Eight arts organisations take a share of £2.4m Art Impact Fund third round

Melanie May | 27 July 2017 | News

The Arts Impact Fund has selected eight arts organisations to share a £2.4 million funding investment.
The Arts Impact Fund is a £7 million initiative to demonstrate the potential of social investment as an additional way of supporting enterprising organisations in the arts and cultural sector. Following this round, the Arts Impact Fund has now committed £5.4 million to 16 organisations since 2015. While terms vary, interest rates can be expected to range from 4-7 per cent per annum with a loan duration of between three and five years.
The Arts Impact Fund mixes public, private and philanthropic investment, from Bank of America Merrill Lynch, Esmée Fairbairn Foundation, Nesta and Arts Council England with additional funding from Calouste Gulbenkian Foundation.
As well as helping financially resilient organisations to grow, the Fund also aims to recognise, bolster and communicate the social value created by the arts, including the positive impact it can have on the welfare and cohesion of local communities.
The new Arts Impact Fund investees are:

The organisations will document their artistic, social and financial impact quarterly for the duration of their loans, with the Fund sharing the findings from all of the investees. As a demonstration fund, there is the potential for the model to be scaled or replicated in other sectors.
Andrea Sullivan, international head of Environment, Social and Governance at Bank of America Merrill Lynch, said:

“Maintaining a vibrant arts sector is critical to the social and economic development of our communities, and with traditional funding sources constrained, the Arts Impact Fund offers an innovative financial solution with tremendous potential for scale. We are delighted to be involved in this initiative, offering not only financial support but also experience of impact investing which is helping to create sustainable change in communities globally.”

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The next round of funding is expected to be announced in January 2018. Information on eligibility and how to apply for a loan is available on the Arts Impact Fund site.
Main picture: The Nutcracker, Birmingham Royal Ballet. Photo: Bill Cooper

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