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Vital Loans keeps Dance Victoria at centre stage “The Victoria Foundation was very responsive and understood the urgency of solving cash flow problems. I was impressed with how smooth the process was in terms of getting cash at a moment when the society needed it.” – Jason Dubois, Dance Victoria At Dance Victoria, bringing the world’s best dance companies to the Capital Region is the priority — “Everything from classical ballet to contemporary dance and other forms in between,” says Jason Dubois, Dance Victoria’s executive director. It fosters professional and creative development of the local dance community by hosting artistic development and outreach programs, and also offers the $15,000 Crystal Prize, the largest dance prize in Canada. “It supports Western Canadian dance artists who are collaborating with an international choreographer or vice versa,” Dubois says.
DANCING WITH SHORT TERM CAPITAL But Dance Victoria has a unique situation: the Royal & McPherson Theatres Society (RMTS) manages its ticket sales. “They retain all of the box office proceeds until each show happens [at the Royal Theatre]. Following each performance, they retain funds to
cover their expenses, and then pay out the remaining funds to Dance Victoria,” explains Dubois. “We’re outputting funds in terms of marketing, deposits for dance companies, and general operating costs, but not seeing any of the box office revenue [yet].” Bridge financing through the spring and
summer would help the cash flow shortage until the fall productions begin. “We have very few assets, there’s little of value,” says Dubois. Qualifying for a bank loan is simply not possible for many non-profits. “The Victoria Foundation’s Vital Loans program seemed like an ideal option,” says Dubois. “We, as a small, non-profit society, could have access to financing without having board members or other supporters put up personal guarantees.” Unlike a traditional bank loan, a Vital Loan looks at a charity’s role in the community. Combined with Island Savings Credit Union’s knowledge of the local economy, Vital Loans can evaluate loan opportunities in a whole new way. The program offers loans up to 36 months, to a $500,000 maximum, to federally registered
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