The MacArthur Foundation is expanding by $500,000 the Working Capital Loan Fund for Arts and Culture.
This program began in May 2009 to provide a tool to help arts organizations address the cyclical cash flow challenges they often encounter. The Fund provides lines of credit (up to $100,000 depending on your organization's budget size) to help meet the cash flow and working capital needs of small to mid-sized arts organizations.
Demand for the program was much greater than anticipated. The initial $1 million in loans were made to 15 groups by 2010. One year later, loan recipients have shared stories of jobs preserved or created (total of 33) and the ability to continue operations as a result of these loans. To date, there have been no defaults.
To apply to the Fund, your organization must: (a) be a current grant recipient 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, and (b) have an annual budget between $250,000 and $3 million.
The Executive Service Corps of Chicago, a non-profit consulting organization, helps interested grantees with the application process and loans are made by ShoreBank.
To apply for a loan through the Fund, a representative of your organization should contact the Executive Service Corps of Chicago, which will conduct an initial assessment about the eligibility of your organization for this program and help you prepare the financial documents to apply for the loan through ShoreBank. Executive Service Corps provides advice and counsel to potential borrowers on financial management questions related to your loan application.
To begin the process of applying for a loan or if you have any questions, please contact John Donaker of the Executive Service Corps of Chicago at 312.580.1840 ext. 331 or john.donaker@esc-chicago.org.
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