Nesta’s launches £20m Arts & Culture Impact Fund
Nesta, the innovation foundation, today launched a £20m Arts & Culture Impact Fund at the new Central School of Ballet in South London, Paris Gardens.
Dancers Olivia Trevelyan-Richards and Jake Milston are pictured here performing the first dance at the school, which has opened following a £6m funding appeal, marking the launch of the fund.
The new fund will provide cultural organisations with capital to provide for both financial and social return, because conventional loans are either not available or too expensive. Funding can range from £150,000 to £1m, repayable over up to ten years.
It follows the success of Nesta’s £7m Arts Impact Fund, launched in 2015, and the 2018 Cultural Impact Development Fund worth £3.7m, which between them have made 30 loans worth £9.1m since 2015.
The Arts & Culture Impact Fund becomes the world’s largest impact investment fund for the creative arts, bringing together public, private and philanthropic investors, including Arts Council England, the National Lottery Heritage Fund, Big Society Capital, Bank of America and the Esmée Fairbairn Foundation as well as Nesta.
The affordable, flexible loans will be made between now and the spring of 2023 to organisations that have a positive social impact on communities.
In 2018 Nesta-commissioned research found that the arts and culture sector would need £62m a year.