Innovation charity Nesta has launched a social impact investment fund for arts, cultural and creative organisations.
The £3.7-million fund will build on the £7m Arts Impact Fund, Nesta said on 18 October. The fund will provide organisations with between £25,000 and £150,000 in repayable finance and support to articulate, monitor and evaluate their social impact.
Organisations that successfully demonstrate how they have achieved their social impact goal will be able to get a reduction in the headline interest rate for loans with terms between two and five years, Nesta said.
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