The ALF Steering Committee met in September to review its policies for giving loans to artists and arts-based nonprofits. Here are the highlights of program changes:
- Individual Artists are Now Eligible for Up to $10K
The loan limit for artists who have confirmed funding from the City of Oakland or the City of San Francisco has been increased from $5,000 to $10,000.
- Individual Artists Can Apply With A Fiscal Sponsor
If an artist is fiscally sponsored by a nonprofit organization that meets the ALF eligibility guidelines, the artist may apply for a loan from the Benefit/Performance and Secured category. The application will be in the name of the nonprofit, not the artist, and will require a few more documents. See guidelines for details.
- Streamlined Application for All Requests Up to $10K
The Quick Qualifier loan application requires less paperwork and used to be available only for requests under $5,000. The new request limit is $10,000.
- Longer Rest Periods Between Loans for Some Applicants
Returning loan applicants with a positive repayment history are allowed to apply again three months after repaying a loan. Borrowers with late payments and extensions must wait six months after repaying a loan to submit a new application.
What’s Still The Same? Interest Rate!
The ALF affirmed its commitment to providing loans at very low interest: one percent below the Prime Rate published by the Wall Street Journal on the date of the loan. Currently the rate is 2.25%.