On October 6th, more than 50 Chicago-area arts and culture nonprofits attended a meeting at IFF’s headquarters to learn more about the MacArthur Foundation’s newly relaunched Arts and Culture Loan Fund.
Initially started in 2009 to provide small and medium-sized arts and culture organizations with the financial flexibility to weather cash flow shortages and become financially stronger over the long run, the Fund is now adding two new partners: Fiscal Management Associates, which will serve both as the coordinator and technical assistance provider; and IFF, which will join MB Financial Bank as one of the two lenders to provide working capital loans under the initiative.
In addition to financial flexibility, an initial MacArthur Foundation study of the Fund also found two important benefits for participating nonprofits: (1) improved financial communications between organization executives and their board members; and (2) an increased ability to take creative and artistic risks because of the added financial stability.
The Fund is open to arts and culture organizations that are grantees of the MacArthur Foundation — either directly or through its investments in the Prince Charitable Trusts and the Richard H. Driehaus Foundation — and which have annual budgets of between $250,000 and $5 million.
Eligible organizations can apply for lines of credit of between $10,000 and $200,000, as well as take advantage of FMA’s group and individual technical assistance offerings. To learn more about the Fund and how your organization can apply, please contact FMA directly at LoanFund@fmaonline.net.