ArtBusiness is designed to serve the unique challenges facing small and medium-sized arts organizations. The program offers direct financing and business consulting services to for-profit and not-for-profit arts groups.
In 2005, with support from American Express, Seedco Financial launched the ArtBusiness initiative in New York City. The program has been so successful that we have begun expanding it to New Orleans, with plans to launch ArtBusiness in other cities as well.
Through the program, Seedco Financial offers financing for working capital and facilities expansion and also connects borrowers to a network of community partners that provides technical assistance to arts organizations.
Since its launch, ArtBusiness has provided training and technical assistance to more than 450 New York City arts businesses and not-for-profit groups, as well as $6.4 million in loans to more than 35 arts organizations and businesses.
For-profit arts organizations in emerging creative communities such as Chinatown, the Lower East Side, Long Island City, South Bronx, Jamaica, Bedford Stuyvesant, and Bushwick have access to loans from $50,000 to $250,000 to finance working capital, growth phase, build-out costs, and equipment purchase.
Small and medium not-for-profit arts organizations across New York City can borrow from $50,000 to $1.5 million for pre-development costs, construction, long-term working capital, growth-phase financing, build-out costs, seasonal cash flow, and financial turnaround and restructuring.
To be successful, the ArtBusiness initiative carefully screens organizations to ensure that they can make repayment. Thus far, Seedco Financial has experienced only one default.
We conduct in-depth assessments of each arts organization’s needs, providing direct consulting services when needed. Consulting services may include assistance in marketing, site planning, resource development, operations, tax issues, and earned-income strategies as well as financial technical assistance relating to budgeting, financial management, real estate/site development, and debt financing.
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