What is the MacArthur Arts & Culture Loan Fund?
The MacArthur Arts & Culture Loan Fund is a program designed to help small- and medium-sized arts and culture organizations in Chicago to manage uneven cash flows and strengthen financial capacity. The program is funded by the MacArthur Foundation and administered by IFF in partnership with Fiscal Management Associates (FMA).
Program participants have the option of tapping into the following powerful resources singly or in combination with one another, depending on their organizations’ specific needs:
1. Operating Loans
Operating lines of credit are a useful tool to help nonprofit arts organizations manage the uneven cash flows stemming from factors like the timing of production costs, ticket sales, and grant and government revenue. Loans are offered by program administrator IFF and program partner Fifth Third Bank, ranging in size from $10,000 to $150,000 (interest rates vary, and terms are typically one year, with potential for renewal). Interested? Start by contacting FMA.
2. Workshop Series & 1-on-1 Coaching
Financial experts from program partner Fiscal Management Associates (FMA) deliver a series of intensive workshops on mission-critical topics like financial planning and monitoring, interspersed with customized coaching. “We meet organizations where they are and focus on concrete steps they can take to support and sustain the work they do for Chicago communities,” says Lead FMA Consultant Dana Britto. Interested? Our next workshop series will take place in late 2020. Please check back for our next application window.
3. Technical Assistance Projects
FMA also takes on financial projects — from writing policies and procedures manuals, to customizing budgeting software — that arts leaders haven’t had the time or expertise to do themselves. The current application window closes on Tuesday, December 10, 2019. Interested? Start by downloading our TA Application.
Is your organization eligible?
The program is open to Chicago-area arts organizations that are grantees of the MacArthur Foundation or the MacArthur funds at the Prince Charitable Trusts and the Richard H. Driehaus Foundation. Your organization must have an annual budget between $250,000 and $5 million.
Please contact FMA with any questions about the program or the application process.