Nesta announces Cultural Impact Development Fund
Hot on the heels of the Arts Impact Fund, Nesta’s Arts & Culture Finance team is today launching an innovative, new social impact investment fund for arts, culture and creative industries – the Cultural Impact Development Fund (CIDF). Over a three-year period, this £3.7m fund will offer affordable, unsecured finance on flexible terms to England’s arts, culture and creative organisations bringing about positive social change in their communities. Supported by the Growth Fund programme through Access – the Foundation for Social Investment and with grants from Big Lottery Fund and a loan from Big Society Capital, this fund will help borrowers innovate, become more financially resilient and more adept at monitoring, evaluating and communicating their social impact.
With Nesta’s expanding work in social impact investment in arts and culture, they have also launched a new portal to help arts and cultural organisations looking for finance. Arts & Culture Finance will provide information and updates about the new Cultural Impact Development Fund and the Arts Impact Fund as well as case studies, resources and more to help social impact investment get better traction in the sector.