The Artist Loan and Grant Fund

Forget the “starving artist” mentality. Have a vision and need some cash? The Artist Loan and Grant Fund (AL&GF) offers low-interest loans for up to $15,000 for interior improvements and matching grants up to $5,000 for façade improvements to those who qualify. The Fund was established to help qualified artists and arts-related businesses complete financing to renovate/buy a building or secure a long-term lease. The Loan Fund is used in conjunction with funds obtained from other sources such as savings, matching grants, or other loans.

The AL&GF has become extremely competitive. First priority for making loan and matching grant awards goes to artists or arts-related businesses who own, or who are about to purchase, a building on Penn Avenue. All other applicants are considered on a case-by-case basis. The ALGF Committee reserves the right to reject any application based on insufficient or incomplete applications or once the average maxiumum loan and grant awards (see below) has been reached in any given year. If the anticipated average for funds have not been dispersed in a given year, the funds will role over to the following year. All loans and grants are made to artist with a Penn Avenue address between Mathilda and Negley Avenues. Applicants may apply more then one time with permission of the AL&GF Committee. The AL&GF Committee is made up of at least two representatives of the Boards of Directors of the Bloomfield-Garfield Corporation and the Friendship Development Associates. Please contact PAAI for an AL&GF Application, detailed criteria for qualifications and application deadlines.

In 2004 the PAAI recapitalized the Artist Loan and Grant Fund to so that it can continue to operate through the year 2010 making an average of $15,000 in loans and $10,000 in matching grants each year. With monies geared towards perspective artist/homeowners, the ALGF in another incentive to attract artists to Penn Avenue. Attracting 5-7 artists each year would result in over 50 artists, arts organizations and arts businesses having moved to the Penn Avenue Corridor by 2008, over half of whom will have an equity investment in the Avenue.