Funding news

Geraldine Kendall Adams, Issue 118/12, 01.12.2018
Social service
A new investment fund may be of interest to museums seeking to develop and enhance their social impact.

The £3.7m Cultural Impact Development Fund, managed by the arts, science and technology charity Nesta, aims to help arts, cultural and creative organisations achieve social impact and improve their resilience.  

Addressing a gap in the market for small-scale finance, it will provide loans of between £25,000 and £150,000 to enable recipients “to articulate, monitor and evaluate their social impact”.  

The fund will also pioneer the use of financial incentives to help recipients achieve their targets, offering a reduction in the headline interest rate for certain loans to organisations that successfully show they have achieved their goals.  

The programme will run until 2021 and is funded by Access – The Foundation for Social Investment, and its partners, the Big Lottery Fund and Big Society Capital. It follows on from Nesta’s £7m Arts Impact Fund, which launched in 2015 and has made 22 unsecured loans to organisations over the past three years.

Meanwhile, Arts Council England and the Victoria and Albert Museum have announced the renewal of the Purchase Grant Fund until 2022. The fund helps regional museums and other cultural organisations in England and Wales acquire objects for their collections.  

The budget for 2018-2019 is £724,000, and applications can be submitted throughout the year.