Background The Flexible Loan Program was formally launched and the program Guidelines and Procedures went on-line March 2, 2010. The Flexible Loan Program is a Saskatchewan Arts Board (Arts Board) and Ministry of Tourism, Parks, Culture and Sport initiative to provide new financial support to increase the entrepreneurial capacity and economic well-being of artists, businesses and nonprofit organizations within the sectors of craft, music and sound recording, publishing and visual arts. Low-interest, short-term, repayable loans are awarded on the basis of a business plan/proposal which demonstrates the revenue that will result from activities undertaken with the loan that will allow for repayment of the loan.
In conversation with Karen Henders, Saskatchewan Arts Board What kinds of success stories by creative people can you share? Ideation Entertainment was able to publish and successfully promote Reaching the Impossible: Dr. Krishna Kumar’s Story. Through a Small Business Loan to Theta Lab PostProduction Audio Inc. the program helped launch the Recording Arts Institute of Saskatoon, Saskatchewan's first audio engineering school. The Loan Program also supports creative people through the consultation process. By providing artists with a tool kit of cash flow templates, business planning resources, networking options and the like, we are building entrepreneurial capacity. We anticipate that intake to the loan program will increase in the next year. The Arts Board is currently undertaking an evaluation of the responsiveness and relevance of the loan program in its first year. How did Judith Silverthorne's application stand out?
For loan Guidelines & Procedures go to: www.artsboard.sk.ca click on: Grants & Funding / Creative Industries / Flexible Loan Program
May/June 2011
Judith submitted a very strong application. Not only did she have a proven track record as a children’s author but she had done her research and identified a clear market and a realistic plan to reach that market. I have asked Judith if she will allow the Arts Board to use her application as a template
for a successful Micro-loan application. Who are you getting enquiries from for the loan program? Interest is split fairly evenly between Craft, Music and Sound Recording and Visual Arts. There were fewer inquiries in the first year of the program from participants of the Publishing sector. The guidelines and checklists you provide (very handy tools!) - were they developed with financial managers and artists? The Flexible Loan Program Guidelines and Procedures were developed through leading practice and sector research and with advice from the Creative Industries Advisory Committee and loan program managers. The checklists are intended to provide, at a glance, the loan application requirements for the Micro-loan and the Small Business Loan. If you are interested in the loan program, call or e-mail Karen Henders to start the conversation. She can walk you through the loan process and application requirements and discuss the specifics of your circumstances. Even if a loan is not the right fit at this time, there may be other resources that you can be directed to. Karen Henders Creative Industries Consultant kphenders@artsboard.sk.ca 306-787-9634 1-800-667-7526
FREELANCE
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