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Arts Education Loan         

Amount: Up to $50,000
Interest Rate: 2.25%
Please note, applicants are strongly advised to request a loan amount reflective of the organization’s capacity to take on debt.

Description

Assist implementation of art education programs, by using loan to pay artists and cover program-related expenses, before receiving payment from a school, government agency, or foundation. This loan is secured by outstanding receivables, confirmed or committed funding owed to an organization from current arts education related school contracts.

Examples of Loan Use

  • Working with a school to implement an art education program, use loan to pay teaching artists, before receiving payment from the school district.

  • Awarded funding from the San Francisco Department of Children, Youth and Their Families to implement a senior arts class at a local school; Use loan to cover up-front program costs.

Requirements

  • The loan must be secured by up to four contracts from a local school district or individual school OR provide proof that the contracting school district, agency, or funder has budgeted and approved the arts education program.

    • The total loan amount borrowed must equal the amount of outstanding school contracts.

  • All loans must be repaid within 12 months and paid in full 30 days after the last secured contract payment is received.

To Apply

Before starting your application, you will need to create an NCG account. This will allow you to save your work and come back to your application. 

What you will need for the application:

  • Current year fiscal operating budget

  • Arts education program budget

  • Current fiscal year to date financial statements (income statement and balance sheet)

  • Prior fiscal year end financial statements

  • Board roster with affiliations

  • Proof of collateral (i.e. signed contract from a local school district or individual school, contract from government agency, or private foundation)

  • Upload the following documents:

Contact

Please contact our ALF consultant if you have questions about the loan or need further guidance on the application: Margaret Southerland at margaret at padmaconsulting.com or 415-567-5494.