Culture Recovery Fund loans
On 5 July 2020, the Department for Digital, Culture, Media and Sport (DCMS) announced a £1.57 billion package to protect the UK’s culture and heritage sectors from the economic impacts of Covid-19.
Culture Recovery Fund loans
The Culture Recovery Fund (CRF) Repayable Finance (hereafter loans) programme is part of that package.
Its focus is to maintain England’s cultural, heritage, and cinema ecology by supporting culturally significant organisations as they recover from the impacts of Covid-19 and transition back to a viable and financially sustainable operating model by 31 March 2022.
The criteria for the CRF, including loans, were set by DCMS and the loans are administered, monitored, and repayments received by Arts Council England (ACE), acting as agent on behalf of DCMS.
The loan agreement
The loan agreement
DCMS has entered into a loan agreement with all borrowers setting out the terms and conditions. We are responsible for monitoring all the conditions. Borrowers are required to provide evidence of compliance with the conditions.
A copy of the loan agreement for your organisation can be located on Grantium, as one of the attachments to the payment request for the loan.
Borrowers are required to submit accounts and other business-related information regularly. For the first five years of the loan, submissions need to be made monthly; later they can be made quarterly.
All monitoring information is to be submitted through our online portal, Grantium. Your organisation will receive a notification when a monitoring step is available for completion. Guidance on how to complete monitoring submissions in Grantium is provided in the guidance document below.
This webpage includes guidance documents that are intended to support the loan agreement. This includes:
- What we expect from you in order to meet the terms and conditions of your loan agreement, and what you can expect from us;
- Our expectations in relation to monitoring submissions and HM Treasury conditions (notably relating to access and diversity, net zero greenhouse gas emissions and engagement and outreach);
- The Grantium system processes for your organisation to make repayments and to submit monitoring documents
This page and its documents will be added to and updated as we progress with the monitoring of the loans. The CRF loans team are available to answer queries at CRF.repayablefinance@artscouncil.org.uk