Culture Recovery Fund to Support Royal Albert Hall and Southbank Center with £ 32million in Loans | Live
More than £ 165million in repayable funding has been offered to support some of the country’s most iconic cultural organizations.
Among the list are sites such as the Southbank Center (£ 10,911,000) and the Royal Albert Hall (£ 20,740,000), both of which have been severely affected by Covid-19. Other recipients include the English National Opera, the historic Royal Palaces and the National Theater.
Culture Secretary Oliver Dowden has also announced plans to allocate the remainder of the £ 1.57 billion Culture Recovery Fund. Funds will be available for organizations that are at imminent risk of collapse before the end of this fiscal year.
A total of £ 300million in grants and £ 100million in loans will be available to support the organizations’ transition to their usual mode of operation from April 2021. Further details on the towers will be published in the weeks to come.
The £ 165million bespoke loans were designed for cultural institutions with up to four years upfront repayment leave, low interest rates and up to 20 years repayment term to guarantee that they are affordable for arts and heritage organizations.
Oliver Dowden said: “This government promised it would be there for culture and today’s announcement is proof that we have kept our word. The £ billion invested so far through the Culture Recovery Fund has protected tens of thousands of jobs in cultural organizations across the UK, with further support coming through a second round of applications.
“Today we are extending a huge helping hand to the crown jewels of British culture – so that they can continue to inspire future generations around the world.”
The £ billion invested so far through the Culture Recovery Fund has protected tens of thousands of jobs in cultural organizations across the UK, with further support to come
Elaine Bedell, Managing Director of the Southbank Center, said: “We are extremely grateful to the Culture Recovery Board for this vote of confidence in the Southbank Center and our business resumption plan. We have lost £ 25million from our income this year and this loan will help us stabilize our finances as we prepare to reopen all of our sites safely next spring.
“We still have challenges, but we can now meet them with creative optimism and look forward to rebuilding our ambitious artistic program. We are keenly aware that this loan is taxpayers’ money and we need to make sure we are delivering value back to all the communities we serve, in London and across the UK. We look forward to reopening our doors and welcoming again our audience and our visitors who have been missed so much.
Under the Culture Recovery Fund, £ 60million in grants is awarded through the Capital Kickstart Fund. This will speed up previously funded projects and provide job opportunities in various sectors.
The factory will receive £ 21million in capital investment to complete the project to create a cultural space in the heart of Manchester. Other recipients include the Roundhouse (£ 499,999), Urban Development (£ 93,892) and the Colchester Arts Center (£ 128,182).
Alexandra Palace was also announced as the latest recipient of a grant through the Culture Heritage Recovery Fund. The site will receive £ 2,967,600 to enable it to continue a diverse program of live and secure events against Covid this winter by covering rising essential costs and supplementing revenue.
The funding announced today brings the total allocated by the Culture Recovery Fund to over £ 1 billion.
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