Metropolitan Atlanta Arts Fund

Overview | Eligibility & Process | Sample Loans | FAQs

In order to be eligible for the Loan Fund, arts
organizations must:

Have had their IRS 501(c)(3) status for 3 years
Have at least one paid staff person
Pay artists and performers associated
with programming
Have an annual operating budget less than $1.5 million

Application And Loan Review Process

Loan applications (complete with all supporting documentation) may be submitted at any time. Email or fax applications will not be considered.
The administrator of the Arts Loan Fund and the Advisory Committee will make every attempt to make a decision on the loan within 2 weeks of receipt of a complete loan package. Loans recommended for funding by the ALFAC will be presented for approval to the President of The Community Foundation. Applicants will be contacted after the presentation to The Community Foundation and informed of the final decision.

Loans are available to non-profit arts organizations located in one of the following 23 counties:


Barrow	DeKalb	Newton
Bartow	Douglas	Morgan
Butts	Fayette	Paulding
Carroll	Forsyth	Pickens
Cherokee	Fulton	Rockdale
Clayton	Gwinnett	Spalding
Cobb	Hall	Walton
Coweta	Henry

Criteria

Applicants are required to show a verifiable source of funds that will be used to repay the loan. Security or collateral for the loan is an acceptable contract or a grant letter from public grantors such as federal, state, county, or city government or another assured funding source. Security or collateral for a loan may also be sources of revenue that have been consistent over time. Examples include: class registrations, proven fundraisers, summer camp registrations, etc. (see examples)
Written proof of the collateral source or historical proof of recepits must be submitted and projected cash flow statements must show that the loan can be repaid when the collateral is received.
The applicant organization's Chairman of the Board of Directors (or Authorized Officer other than staff) must authorize the loan request by signing the "Disclosure and Authorization to Apply for Funds" on the Application. The Board of Directors must also execute the RESOLUTION OF THE BOARD OF DIRECTORS further authorizing the loan and verifying the approved contract or grant that will be used for repayment.

Interest Rates And Term
Loans have a maximum term of twelve months and are due in full immediately upon availability of the funds used to secure the loan. Generally, no organization shall have more than one outstanding Arts Loan Fund loan at any one time. Loans will be provided with an annual interest rate at a minimum of Prime plus 2%; however, the rate may be adjusted upward according to risk. Interest is charged and due monthly and there is no payment penalty for early repayment of principal. There is no application or service fees.

Amount
The maximum amount for each loan is $25,000. The making of the loan in the requested amount is subject to the availability of loan funds and is at the discretion of the Arts Loan Fund Advisory Committee (ALFAC) and approval by the President of The Community Foundation.

Loan Application
Eligible arts organizations that wish to apply to the Arts Loan Fund must submit an application. Applications may be downloaded from the Arts Fund's web site and completed on your computer; however, applications and required attachments must be submitted on paper. Incomplete, faxed or e-mail applications will not be considered. If you need help completing your application, the Arts Loan Fund administrator (Sandy Kring, 404-526-1130) is available to assist you or to answer any questions you may have.

After The Loan Decision
If a loan is approved, the organization's Board Chairman and Executive Director or CEO (must be two different individuals) must sign a NOTE AND SECURITY AGREEMENT on behalf of the organization, obligating it to repay the loan with interest. Funds are disbursed once the fully executed NOTE AND SECURITY AGREEMENT is received by the Arts Loan Fund administrator. Loans are administered by the Finance Department of The Community Foundation with the support of the Arts Loan Fund administrator.

Learn More About The Loan Fund:

Loan Fund Overview
Frequently Asked Questions

Application Downloads
1. Loan Fund Application (Word)
2. Loan Fund Application Guide (PDF)

Supplemental Downloads
1. Sample Note & Security Agreement (PDF)
2. Resolution Of The Board of Directors - Standard (Word)
3. Resolution Of The Board of Directors - Pre-Approved (Word)
4. Cash Flow Worksheet (Excel)
5. Cash Flow Worksheet (Word)

Questions? Contact Sandy Kring at: artsloanfund@atlcf.org