Funds terms and conditions
These terms and conditions apply to any applications made for loan finance from any of the following Nesta Arts & Culture Finance funds, which are being operated by the following companies set up to administer the particular funds:
- The Arts Impact Fund, operated and managed by Nesta Arts Impact LLP, a limited liability partnership registered in England and Wales with company number OC396102. It is funded by Arts Council England, the Esmée Fairbairn Foundation, Nesta and Bank of America Merrill Lynch, with additional funding and support from the Calouste Gulbenkian Foundation. For more information about this fund and in particular the eligibility and selection criteria please see here.
- The Cultural Impact Development Fund, operated and managed by Cultural Impact Development Loans Limited, a company registered in England and Wales with company number 11388464. It is funded by Access – The Foundation for Social Investment through the Growth Fund programme, with finance being provided by its partners Big Lottery Fund and Big Society Capital. For more information about this fund and in particular the eligibility and selection criteria please see here.
All with a registered address at 58 Victoria Embankment, London, England, England, EC4Y 0DS (hereafter referred to as the “Fund(s)” or “Fund Management Company/Companies”).
The application process for all Funds is administered by Nesta’s Arts & Culture Finance team on behalf of the above companies (hereafter referred to as “Nesta” or “We”).
Nesta is a company limited by guarantee registered in England and Wales with company number 7706036 and charity number 1144091 and registered as a charity in Scotland under charity number SC042833, with its registered office at 58 Victoria Embankment London ECY 0DS.
Please read these terms and conditions carefully before submitting an enquiry for loan finance through the Arts & Culture Finance website. By submitting an enquiry, you accept these terms and conditions and agree to comply with them. These terms and conditions apply to any enquiries made via the Arts & Culture Finance website or a direct contact with a member of the Arts & Culture Finance team and any applications made directly to the Funds.
What happens after you submit an enquiry?
- You will bear any costs relating to the submission of your enquiry and potential investment due diligence and application that may result from this. If you are unable to complete the application process due to a disability, please let us know so that we can consider whether reasonable adjustments can be made.
- Upon receipt of your enquiry we will use this information to assess whether you meet the eligibility criteria for a particular Fund and identify which of the Funds your enquiry may be most applicable to. For more information about an individual Fund’s eligibility criteria and investment committee members, please see the links detailed above. For more information about the general application and decision-making process, please see here.
- We reserve the right to review only those applications which appear to fit with the Funds’ investment criteria from time to time and to reject enquiries without giving a reason or returning material sent to us. Without limitation, we reserve the right not to review multiple applications, which are considered to be spurious, from the same applicant.
- If your enquiry is successfully matched to a Fund, we will notify you which Fund your enquiry has been submitted to and will forward your enquiry to the relevant Fund manager. We will inform you of the Fund’s eligibility criteria and must notify us immediately if you are aware of any reason why you may not meet any of the eligibility criteria. Once your enquiry has been matched to a Fund and an application is being processed, you will be asked for more detailed information on your organisation and its key personnel.
- At the end of the due diligence process, we will write an investment proposal and draft an initial term sheet which we will discuss with you, and present these to the Fund’s Investment Committee, which makes a decision on all investment applications, either approving, rejecting them or requesting further information. We aim to inform applicants of the decision within two weeks of the Investment Committee meeting. For more information about the Funds’ Investment Committees and selection process, please see the links detailed in 1.2 or visit the Our Funds page.
- The decision of the Fund Management Company and the Investment Committee about eligibility, selection of applicants to receive loan finance, and about the amount and terms of loans to be provided (if any), shall be final. We may publish general feedback on applications to the Funds, but are under no obligation to enter into correspondence with individual applicants. We may only provide loan finance to applications which meet the charitable objects of Nesta.
- We reserve the right to vary the eligibility criteria, selection criteria or these terms and conditions at any time and at our sole discretion. Variations will take effect from the date they are posted on our website so you must check this page regularly to see the current version. If you provide us with a contact email address, we will aim to notify you of any changes.
- Any financial or other support awarded by any of the Funds will be subject to satisfaction of all relevant legal and regulatory requirements and signature of our required form of loan documentation with the Fund Management Company operating the Fund. Should your application be successful and the Fund advances loan finance to you pursuant to the required form of loan documentation, you will be subject to various obligations, including the obligation to make repayment of the loan finance (principal, interest and fees) in accordance with the terms of the loan documentation. Should you fail to comply with your obligations this may result in legal action against you. We strongly recommend that you take independent legal advice prior to entering into the loan documentation.
- The Fund Management Companies give no guarantee and make no commitment to provide loan finance to any applicant until legal loan documentation has been signed, even if you satisfy our eligibility and selection criteria. You must not rely on the availability of any finance or incur any costs in expectation of receiving finance from any of the Fund Management Companies.
- The Fund Management Companies reserve the right to refuse to accept any applications; to suspend or withdraw the Fund at any time; to vary the form and substance of the Fund or extend the deadlines; to reduce or increase the number of loans made or the amount of support available under the Fund; and/or to reject any application or require repayment of a loan if you are in breach of these terms and conditions or in the event of an actual or potential conflict of interest.
Your promises to us
By submitting an enquiry to Arts & Culture Finance, you confirm that:
- all information and materials provided in any enquiry and for the purposes of making any application to a particular Fund by you are true, accurate and complete and you will notify us immediately of any changes to information or materials provided;
- you have provided us with all information which might reasonably be thought to be relevant or necessary for us to consider your application;
- that once your application has been matched to a particular Fund, you will notify us immediately of any information that may affect your eligibility for that Fund;
- you have, or will obtain as required, all authorisations, registrations, licences, consents and permissions necessary to submit your application, carry out the financed project and comply with these terms and conditions;
- in participating in the particular Fund, you and your partners will act lawfully, ethically and in good faith and will comply fully with equality and anti-bribery legislation and with any other applicable laws, regulations, guidelines and codes of practice;
- neither you nor any of your partners has any actual or potential conflict of interest with the Fund Management Company or the partners in the Fund in making your application or complying with these terms and conditions and you will immediately inform us if you become aware of any such conflict of interest.
Use of information
- We may carry out publicity and promotion and publish our research and evaluation in relation to the Fund, although we will not publish any confidential, sensitive or personal information. Nesta shall be entitled to publish details of the Funds and use your organisation’s name, and logo and images that you may agree to provide in promotion and publicity for the Funds. Nesta may ask you to support and/or participate in other promotional activities for the Funds as may be reasonably request on reasonable notice.
- Any publicity which you wish to carry out in relation to the Fund must acknowledge the Fund Management Company and any Fund investors and supporters as shall be notified to you and be approved by us in advance.
Limitations of liability
- We will not be liable to you, your partners or anyone else in respect of any direct or indirect loss, economic loss or loss of opportunity arising as a result of your enquiry or application to a Fund, any breach by Nesta and the particular Fund Management Company of these terms and conditions or any reliance by you on any statement made or advice given by us, our partners or contractors. We do not make any warranty about the accuracy or completeness of the information provided by Nesta or the Fund Management Companies about the Funds. Any dispute between you and/or your partners and/or any other applicant must be resolved between you and independently of Nesta and the Fund Management Company.
- Without prejudice to Clause 4.1, our maximum liability to you or anyone else under these terms and conditions (if any) will be limited to £500. Nothing in these terms and conditions shall exclude or limit our liability for death or personal injury caused by negligence or fraudulent misrepresentation made by us.
Governing Law and Jurisdiction
These terms and conditions shall be governed by and interpreted in accordance with the laws of England and Wales and both parties hereby submit to the exclusive jurisdiction of the English courts.