Arts: Finance

Department for Digital, Culture, Media and Sport written question – answered on 7th September 2020.

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Photo of Ian Byrne Ian Byrne Labour, Liverpool, West Derby

To ask the Secretary of State for Digital, Culture, Media and Sport, what steps he has taken to underwrite the £270 million of repayable finance in his funding package for arts and cultural organisations in England; and what the repayment timeframe is for those loans.

Photo of Caroline Dinenage Caroline Dinenage Minister of State

The Repayable Finance Scheme is intended to assist larger organisations who need more than £3m, and that have a history of financial resilience. Thorough financial checks will be conducted prior to awards being granted, and recipients will need to demonstrate financial viability as a result of receiving the award. This support package represents the most cost effective way of preventing key cultural and heritage organisations from insolvency, and the repayable finance option will ensure a return to the taxpayer on their investment.

Loans will be available on generous terms including a payment term of up to 20 years, an initial repayment holiday of up to four years and a 2% interest rate per annum. Further details are available in the guidance published by Arts Council England.

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