LARGE VENUES in England could be eligible to apply for £270 million of repayable funds under the government’s £1.57 billion Culture Recovery Fund (CRF), announced in July.
The loans, whose criteria were announced on 14 August, are aimed at culturally significant organisations, viable before Covid-19 but now at risk of failure having exhausted other funding options.
Venues can apply for over £3m on “generous” loan terms including repayment over 20 years at two per cent annual interest with a repayment holiday of up to four years. The scheme also applies to museums, and country houses.
Applications will be reviewed by Arts Council England (ACE) with input from Historic England and The National Lottery Heritage Fund with decisions take by an independent Culture Recovery Board.
“This repayable finance will be the helping hand some of our largest venues and attractions urgently need,” says Culture Secretary Oliver Dowden.
Organisations needing less than £3m can apply for part of the £500m of grants from CRF to cover costs incurred between 1 October 2020 and 31 March 2021. The deadline for applications for repayable funds is 9 September while deadlines for the grants are 21 August (Round One) and 4 September (Round Two).