The BC Alliance is committed to bringing you up-to-date arts, culture and heritage news through all lenses, from local to international, to best inform and enhance your practice. With that in mind, here are a pair of recent items of interest from across the pond: the United Kingdom.
New UK research on repayable finance
First, new research on the demand for repayable finance in the arts and cultural sector. The study, conducted by Nesta, includes 1,000 organizations from across the United Kingdom and can be accessed here. Key findings include:
- £29m of repayable finance was reportedly received by survey respondents in 2016; however, only 15 pe cent of the arts and cultural organizations surveyed have taken on repayable finance to date.
- £309m of repayable finance is expected to be sought over the next five years, or £62m per year on average, suggesting that this is a growing market. At the same time, 41 percent of organizations considering taking out repayable finance in the next five years would take out less than £150,000.
- 52 percent of organizations that have previously taken or sought repayable finance are willing to consider taking it out in future, compared to 16 per cent of the whole sector and 9 per cent among organizations that have no experience of repayable finance to date. This suggests that there could be barriers in how the process of taking on investment is perceived by those organizations with no experience.
London sets draft cultural plan
Meanwhile, in London, Mayor Sadiq Khan has issued a draft cultural plan for the city premised upon increased access to culture. The strategy, Culture for All Londoners, is themed around four priorities:
- More people experiencing and creating culture on their doorstep
- Supporting, saving and sustaining cultural places and spaces
- Investing in a diverse creative workforce for the future
- Maintaining a global powerhouse in a post-Brexit world.
For more information, click here.