The Culture Secretary, Jeremy Hunt, this week announced further details of Catalyst Arts – a lottery fund of £40m made available to arts organisations in need of private funding. The money will be split between three initiatives: £30m will be distributed to those organisations that have fundraising experience but do not have the resources to fully explore innovative ways of sourcing private funding streams. Those organisations included in the scheme will be given three years to first research and then explore means of obtaining funding and it is hoped there will be a £25m return on the £30m investment by 2015.
£7m will be made available to those organisations with less fundraising experience. Grants of between £15,000 and £25,000 will be distributed to aid the commencement of the search for private funding.
The final £3m will be spent on setting up a resource of practical advice on obtaining private funding streams, which will be available to the wider sector. Details on how to apply for the scheme will be available from September.
To read more on the announcement click here.