Weekender: £3m fund launches to boost Northern Powerhouse cultural organisations

Creative and cultural organisations across the Northern Powerhouse are set to receive an investment of more than £3m.

Key Fund, the Sheffield-based social enterprise, has been selected to distribute the Northern Cultural Regeneration Fund to organisations that provide a “meaningful social impact in their local communities.”

Organisations will be eligible for grants or loans of up to £150,000.

The fund, which was set up to provide a legacy to this summer’s Great Exhibition of the North, is also expected to attract additional social investment to the region.

The fund is part of the Government’s commitment to grow a culture of impact investing, including improving access to finance for local cultural and creative organisations that do social good.

Michael Ellis, 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.”

Matt Smith, chief executive of Key Fund Investments, added: “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 will also partner social investor Social Investment Business for its work in the North East, and Creative United, a community interest company that works to help arts and creative businesses grow.

The social investment fund will run for two years from April 2019 and is open to non-profit creative, arts and cultural organisations.