£55m Cultural Capital Kickstart Fund
The government has announced details of the £55m Cultural Capital Kickstart Fund.
Part of the government's £1.57bn investment package, it will support existing Arts Council England capital grant holders who can demonstrate that a capital funding shortfall due to Covid-19 would have a detrimental impact on their project.
Tom Stickland, Theatres Adviser at Theatres Trust says:
"The announcement of £55m Cultural Capital Kickstart Fund is extremely welcome and will get vital theatre capital projects moving again, improving environmental sustainability, and provide new and improved facilities for engaging with their local communities.
Theatres Trust research has found that major theatre capital projects that were on site are reporting an average of over 3 months delay as a result of lockdown and slower working on site due to social distancing. We have identified more than £65m shortfall in projects on site and at an advanced stage of planning as a result of these cost rises, the reallocation of reserves to support the theatre’s survival and changes to the capital funding landscape, which has seen major capital funders divert or pause their grant-giving to respond to the crisis.
Investment in cultural infrastructure supports growth in local economies and enhances sense of local identity. In the longer term, we would hope to see further government investment to fill the emerging funding gap."
This funding was announced along with details of the loan element of the government's package. Read the full DCMS statement.
Image: Contact in Manchester