Cultural Impact Development Fund
A £3.7 million fund providing small-scale repayable finance to socially-driven arts…
|Investment window||2020 to 2023|
|Funding available||£150,000 - £1,000,000|
|Repayment period||12 - 120 months|
|Interest rates||3% - 10%|
|Fees|| 1% completion fee
2% per annum, pro rata holding fee (minimum holding period is 6 months)
No early repayment fee
|Geographic area covered||UK|
The Arts & Culture Impact Fund brings together a mix of public, private and philanthropic investors – Arts Council England, the National Lottery Heritage Fund, Big Society Capital, Bank of America, the Esmée Fairbairn Foundation and Nesta. The fund is the world’s biggest impact investment fund for the creative arts.
The fund builds on the success of the Arts Impact Fund, a pilot initiative launched in 2015 to demonstrate how impact investment could transform the arts and cultural sector.
The Arts & Culture Impact Fund sets out to achieve several objectives for the arts, cultural and heritage sectors:
The Arts & Culture Impact Fund offers secured and unsecured finance between £150,000 and £1,000,000 with a repayment term of one to ten years and interest rates ranging between 3% and 10%.
Your organisation’s core operations or activity should be based in the arts, culture and heritage. For example, a dementia charity using art to engage its beneficiaries would not be eligible to apply for investment. However, a theatre providing outreach performances in local schools to target disadvantaged children would meet our criteria.
We can only work with organisations registered in the UK and primarily benefiting communities in the UK. Digital organisations will need to demonstrate their primary audiences are based in the UK.
We do not make loans to individuals, sole traders, partnerships or unincorporated bodies (unless their partners/members are exclusively corporate bodies).
To be eligible, your organisation has to demonstrate that has a clear social mission. This may include asset-lock and a restriction of the personal gain derived from its work. 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.
When applying, you will need to show how your organisation delivers specific positive outcomes for individuals or communities. The expectation is that a plan will be put in place to evaluate progress towards these outcomes throughout the life of the investment. In general, we expect organisations to have articulated their theory of change either formally or implicitly as well as to have developed (or be in the process of developing) appropriate tools and processes for impact management.
For fund-specific enquiries, please contact Seva Phillips.
Chair Richard Brass, Director, Private Banking, Berenberg (independent)
Geoff Burnand, CEO, Investing For Good (independent)
Nathan Elstub, Chief Investment Officer, Nesta
Alison Holdom, Grants Manager, Esmée Fairbairn Foundation
Francis Runacres, Executive Director, Enterprise & Innovation, Arts Council England
Nicola Saunders, Director, Business Improvement & Innovation, Arts Council England (non-voting)
Moira Sinclair, Chief Executive, Paul Hamlyn Foundation (independent)
Oluwaseun Soyemi, Social Investment Manager, The National Lottery Heritage Fund (non-voting)
Andrea Sullivan, Head of International Environment, Social & Governance, Bank of America
Julie Nicola Wright, VP, Arts Programme Manager, Bank of America (non-voting)
Anne Young, Director of Strategy and Innovation, The National Lottery Heritage Fund