Interest-Free Cash Advances for Artists

Pentacle’s Cash Advance Program is an interest-free cash advance loan paired with sound financial planning through mentorship and fiscal personnel support to help performing artists overcome obstacles to their growth.

We recognize that small artistic entities are small businesses. By providing them with resources, experienced personnel, seasoned consultants and access to networks, Pentacle believes artistic entities will be better able to instill best business practices, build a strong infrastructure, and ultimately focus on what they do best - produce great art. Ultimately, Pentacle’s Cash Advance Program is a business incubator for artists, providing bundled services and access to capital that will spur growth in the performing arts sector and have a net benefit to the larger economy.*

With a mission to promote equitable infrastructure for small performing arts entities who typically don’t have access to other forms of credit or grant funding, Pentacle’s Cash Advance Program is designed to enable artists to take the next steps in implementing their capacity and infrastructure plans. Starting in July 2022, five artists will be selected by a panel review process to be part of the pilot Cash Advance program.

OVER A 12-MONTH PERIOD, THE PILOT CASH ADVANCE PROGRAM WILL PROVIDE SELECTED ARTISTS WITH:

• A $5,000 cash advance
• An initial 90-min financial assessment with a dedicated mentor
• Three additional sessions with their dedicated mentor throughout the project period
• 10-hours of direct administrative support from a Pentacle fiscal associate guided by their mentor
• Four professional development workshops focused on the artists’ specific goals and needs

*In a recent study by the National Endowment for the Arts and the U.S. Department of Commerce, it was found that arts and cultural spending have ripple effects on the overall economy, boosting both commodities and jobs. For every 100 jobs created from new demand for the arts, 62 additional jobs are also created.

Requirements

Program Guidelines
The pilot Cash Advance Program is aligned with Pentacle’s mission of centering communities who have a history of limited access to credit and support services. Towards this end, we will be prioritizing applicants who identify as artists of color, LGBTQIA+ artists, immigrant/undocumented artists, and/or artists with disabilities. In prioritizing these historically marginalized groups, we seek to acknowledge and address the disparities that have impacted these groups’ abilities to practice their art forms in the United States.

ALL APPLICANTS MUST BE:

• Based in NYC
• A performing arts entity in operation for at least 2 years
• Have an operating budget under $250K

SUCCESSFUL APPLICANTS WILL DEMONSTRATE THAT THEY:

• Practice values of Diversity, Equity, Accessibility and Inclusion in every aspect of their work
• Show a commitment to establishing a strong business infrastructure for their art
• Have clear goals to use and return the cash advance within the 12-month period.

Application Instructions

Application Process
Artists who are interested in participating in the pilot Cash Advance Program must complete an online application form, which asks them to share their goals and financial plans for the funds.

EXAMPLES OF PROJECT PLANS COULD BE:

• An advance for final rehearsals and production of a new work before its premiere dates and before contracted fees come in.
• Start-up funds for a new community performance project that has strong potential to garner grants and individual donations.
• An advance to explore new earned income-generating activities, such as producing private events, getting commissions, or developing classes and workshops.
• An advance to hire a development consultant who will help the entity grow its board and its fundraising efforts.

SELECTION PROCESS:
Eligibility Review: Pentacle will review applications to confirm eligibility according to the Program Guidelines listed above. All applicants who are deemed eligible will move on to the panel selection process. Applicants that do not pass this review will be notified.

Panel Selection: Applications will be reviewed by assembling a team of panelists composed of named mentors, board members, and staff. Panelists will make their selections based on three key factors:

• Equity: Applicant practices Diversity, Equity, Accessibility, and Inclusion in every aspect of their work
• Infrastructure Support: Applicant shows a commitment to establishing a strong business infrastructure for their artistic practice.
• Clear Goal Setting: Applicant has thoughtfully set clear goals to use and return the cash advance within the 12-month period.

Notifications: The panel will select five artistic entities to participate in the Cash Advance Program. All applicants will be notified by June 30, 2022.