Sheffield’s Key Fund to oversee £3m boost for socially impactful Northern Powerhouse organisations
Sheffield-based Key Fund has been tasked with overseeing a £3m boost for creative and cultural organisations across the Northern Powerhouse.
The social enterprise will distribute the Northern Cultural Regeneration Fund for creative organisations that make a meaningful social impact in their area.
Grants or loans of up to £150k will be available through the fund.
Set up to provide a lasting legacy in the wake of the Great Exhibition of the North, the fund is also aimed at attracting additional social investment into the region.
It forms part of the Government’s commitment to cultivating a culture of impact investing, which includes improving access to finance for cultural and creative organisations that do social good.
Michael Ellis MP, Minister for Arts, Heritage and Tourism, said: “Creativity is one of the North’s greatest calling cards.
“This funding will strengthen arts and cultural organisations across the Northern Powerhouse and boost the important work they do in their local communities.”
Key Fund Investments Ltd chief exec Matt Smith commented: “We are incredibly excited about the potential impact of the fund developing and supporting both the creative and cultural activity, whilst delivering social impact in disadvantaged communities across the North.”
Key Fund is partnering with social investor Social Investment Business for its work in the North East, as well as Creative United, a community interest firm working to help arts and creative businesses unlock growth.
The the Northern Cultural Regeneration Fund will run for two years from April 2019.
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