The Alliance of Resident Theatres/New York (A.R.T./NY) has partnered with not-for-profit merchant bank SeaChange Capital Partners to offer assistance to arts and culture not-for-profits.
Coined the NYC Bridge Funding for the Arts, or NYCBFA, the program will offer A.R.T./NY member organizations short-term bridge loans. The cash flow loans can span from six months to a year, with below-market interest rates of 5%-7% and a closing fee of 1% of the loan amount, which can be up to $50,000. SeaChange will manage loans, with both organizations contributing an equal portion of lending funds.
Co-Executive Director of A.R.T./NY Talia Corren notes that A.R.T./NY partnered with SeaChange knowing they keep a not-for-profit's best interests in mind. "SeaChange has a long track record of sustaining a healthy nonprofit sector and being deeply connected to social impact through financial literacy...Had we not found such a values-aligned partner, we wouldn’t be launching this program," Corren says.
SeaChange Senior Associate Minji Kim states that A.R.T./NY and SeaChange have a "shared vision" for how to best serve not-for-profits in need of assistance. "One of our core values is to do no harm, so we work closely with nonprofits to figure out a payment schedule or term that makes the most sense to them," says Kim.