Blended loan and grant investments are available to creative and culture businesses who deliver social impact to disadvantaged communities, and are operating in the 11 northern Local Enterprise Partnership (LEP) areas.
Funding body: Department for Digital, Culture, Media and Sport (DCMS)
Maximum value: £ 150,000
Application deadline: None specified
The Northern Cultural Regeneration Fund is a £3.1 million blended fund provided by the Department for Digital, Culture, Media and Sport and administered by partners Social Investment Business (SIB) and Key Fund.
Objectives of Fund
The aim of the fund is to support the development and growth of creative and cultural businesses across the North, that deliver social impact.
The fund provides access to investments of up to £150,000 where up to a third may be provided as a grant.
The following criteria apply:
- Loans can be used for capital or working capital, but grant funding can only be used for capital expenditure.
- Working capital loans will be repayable over up to five years. Interest will usually be charged at flat 4.2% (but may be higher for short term loans) with a 2% arrangement fee.
- Capital loans will be repayable over up to ten years. Interest will usually be charged at a flat 3.5% (but may be higher for short term loans) with a 2% arrangement fee.
- Security may be requested.
Who Can Apply
Applicants must be an incorporated business that works in the creative and cultural sector and can evidence social impact as a by-product of its core work. This includes commercially focused businesses as well as community and social enterprises.
Applicants must be based/or operate substantially within one of the eleven most Northern Local Enterprise Areas.
Funding is intended to be used as follows:
- Loans can be used for capital or working capital.
- Grant funding can only be used for capital expenditure (equipment, refurbishment, purchase of building/land).
The eleven most Northern Local Enterprise Areas:
- North East
- Cheshire and Warrington
- Greater Manchester
- Leeds City Region
- Liverpool City Region
- Sheffield City Region
- Tees Valley
- York, North Yorkshire and East Riding
How To Apply
Support may be accessed at any time.
Organisations based in the North East LEP area are advised to contact Social Investment Business to express interest and for further information; organisations based in the other ten LEP areas are advised to contact Key Fund.