The Arts & Culture Loan Fund provides small and medium sized arts and culture organizations with loans to address cash flow shortages and strengthen the financial capacity of its borrowers. The program is open to arts organizations that are grantees of the MacArthur Foundation or the MacArthur funds at the Prince Charitable Trusts and the Richard H. Driehaus Foundation.
The objectives of the Fund are to:
- Provide a financing mechanism to address the short-term cash flow needs of small and mid-sized arts and culture organizations
- Strengthen financial awareness and management by deepening organizations’ understanding of cash management tools and organizational budget cycles
- Help organizations build institutional credit history, so that they may continue to build relationships with lending institutions to meet future organizational financing needs
Applicants to the Fund must:
- Be a current general operating support grantee of the Foundation’s arts and culture program, either directly or through one of the MacArthur Funds at the Prince Charitable Trusts or the Richard H. Driehaus Foundation
- Have an annual expense budget in its last fiscal year between $250,000 and $5 million at the time of its loan application
How to apply
To apply for a loan through the Fund, you must first contact FMA, a consulting firm that works with nonprofits to help them strengthen their financial management practices. A team of consultants is available to help you decide whether you are eligible to apply for a loan and to help your organization start the loan application process. FMA has the technical and financial expertise to help you prepare the needed financial documents to apply for the loan through any of the participating financial institutions and to provide financial assistance through the life of the loan (including renewals). MB Financial and IFF are the designated lenders for the Fund.
Please contact LoanFund@fmaonline.net for further information on how to apply. Applicants should not contact the participating lenders or the MacArthur Foundation directly for loans through this program.
The program makes available a standard line of credit with monthly interest payments and one-year terms. Loans range in size from $50,000-$100,000. The interest rate varies.
The MacArthur Foundation has partnered with MB Financial and IFF to underwrite and service the working capital loans as part of this Fund.
The Fund is administered through a partnership among MacArthur and the following organizations:
Each year the Foundation makes a few one-time grants for projects of special importance to the arts community. These special grants are designed to meet particular needs in the arts community or address special opportunities that will strengthen the sector as a whole. The MacArthur Arts & Culture Loan Fund was established in 2009 as a joint program between MacArthur’s programs on arts and Program Related Investments. Results of a recently completed evaluation are forthcoming.
Updated September 2016