NEW LOAN INITIATIVE FOR ARTS GROUPS IN NYC

The Partnership for New York City, a nonprofit organization comprising top executives in the area, has announced a two-million-dollar initiative to provide low-cost loans to not-for-profit arts and cultural organizations in New York City. The program, called the Arts Entrepreneurial Loan Fund, states that its mission is to assist arts groups with financing of projects that generate new revenues and provide additional services to the community. The program, which is jointly funded by the New York State Council on the Arts and the New York City Investment Fund, plans to provide loans ranging from twenty-five thousand to five hundred thousand dollars. The Arts Fund also intends to target organizations and projects that reduce costs for arts organizations by developing permanent or long-term real estate, such as shared performance or work space.