Repayable finance scheme announced to aid recovery of cultural organisations

Following the launch of grants to help smaller arts venues, heritage sites and independent cinemas, the repayable finance package is expected to help stabilise cultural organisations until they can return to sustainable operations.

"We’ve already announced hundreds of millions in grants to help independent cinemas, local music venues and arts organisations in the heart of communities across the country. This repayable finance will be the helping hand some of our largest venues and attractions urgently need," said Culture Secretary Oliver Dowden.

"We’re also investing £120 million to kickstart construction projects to renew our cultural infrastructure and important heritage sites."

Under the new repayable finance project, applicants will be assessed against rigorous cultural and economic criteria, outlined in guidance published by Arts Council England, including efficiencies made to date and ongoing viability for the future.

Organisations will also need to demonstrate national or international significance and opportunities to engage their local communities through education and outreach.

Organisations will be able to apply for funding in excess of £3 million, the limit of the grants already available, on generous loan terms including a payment term of up to 20 years, an initial repayment holiday of up to four years and a 2 per cent interest rate per annum.

The applications will be reviewed by Arts Council England, with input from other arm’s length bodies including the British Film Institute, Historic England and National Lottery Heritage Fund. Decisions will be taken by the independent Culture Recovery Board, chaired by Sir Damon Buffini.