The Arts & Business Loan Program is a collaboration between the City of Eugene and the Arts and Business Alliance of Eugene. This fund offers quick-turnaround, low-cost loans for a crucial economic sector that does not have access to traditional bank financing. It provides loans to aid arts organizations and artists, as well as small, specialty creative and arts-related businesses.
Businesses or individual artists are generally eligible if they are:
- Located within the City of Eugene
- A start-up or existing business
- A not-for-profit entity or fiscally sponsored by one
USE OF PROCEEDS
- Directly support arts and culture in Eugene, or place making projects or business improvements that utilize the arts as a primary strategy for community or economic development
- Bridge loans for special projects secured by contract, grant, foundation funding or other guaranteed income
- Opportunity loans for new revenue stream investments, expansions or cost-saving opportunities
- Infrastructure loans to fund historical renovations, storefront improvements and creative place making projects or events
- Creative capital loans for fundraising events or performance production expenses and artists fees that are secured by event revenue or box office receipts
- $5,000 – $50,000 (dependent upon availability of funds)
- Loans may be made in larger amounts for projects with extraordinary community benefit
- Project financing will not exceed 50% of overall project budget
- Step 1: Submit application to the Arts and Business Alliance of Eugene (ABAE). The ABAE loan program committee will perform an initial application review for project appropriateness and artistic merit.
- Step 2: Application underwriting of financials and materials in the application checklist by the City of Eugene. Decision will be approximately 30 days after all questions are answered.
- Fixed, typically below market, for the term of the loan.
- Loan terms are generally between 6 – 24 months
- $50 non-refundable application fee
Acceptable collateral generally includes business assets, assignment of guaranteed funding, real property and personal guarantees
FOR MORE INFORMATION
- Tomi Douglas Cultural Services Director
- Aaron Doreen Loan Analyst
- John Barry ABAE Managing Director
Loan Fund Projects
With the help of an Arts & Business Alliance of Eugene loan, Shadowfox made improvements and expanded the gallery at 76 W Broadway into a multi-use center for the arts. The renovations included adding a cafe, piano, light table, and white board wall, with space to work or be creative. Owners Jason Pancoast, Elizabeth Paul, and Eric Hersey plan to host open mic, open canvas, figure drawing and art classes in the space.