FOR IMMEDIATE RELEASE
Release Date: April 28, 2015
Kitchener, ON, April 28, 2015 – Today, ArtsBuild Ontario, in partnership with the TD Bank Group and the Community Forward Fund (CFF), announced the creation of the Energize Microloan Fund for the Arts to help make arts facilities across Ontario more energy efficient.
The Fund will start as a pilot program with up to $60,000 in affordable financing being made available to Ontario nonprofit arts organizations to:
- Undertake small energy efficiency or conservation related projects, renovations or energy-efficiency improvements that reduce their annual operating expenses;
- Commission energy audits that are required for many energy efficiency incentive programs; and/or,
- Complete the planning and business case analyses required to support investments in larger capital improvements.
The Fund is the first of its kind in Ontario for nonprofit arts organizations that operate and maintain their own facilities. The Fund will be capitalized through a $30,000 grant from TD and $30,000 in loan financing from the CFF, with the grant from TD being used to provide an interest rate subsidy of up to 50 percent to make loan financing affordable to the sector.
Individual nonprofit arts organizations will be able to apply for a microloan of up to $5,000 through ArtsBuild Ontario. The Fund will begin accepting applications as of today. More information on applications is available here: https://www.artsbuildontario.ca/?p=3151.
The Energize Microloan Fund for the Arts is another innovative program provided by ArtsBuild to support nonprofit arts organizations in making their facilities more economically and environmentally sustainable.
“Microloans are unique in that a little can go a long way. By completing small energy upgrades, nonprofits will reduce annual operating expenses and put those savings back into their arts programming.” – Karen Stintz, Executive Director of ArtsBuild Ontario
“We’re thrilled to support the Energize Microloan Fund for the Arts and help nonprofit arts organizations and their facilities in realizing goals to become more energy efficient and invest energy savings back in their organization.” – Anne Vickers, District Vice President, TD Canada Trust (Kitchener, Waterloo, Cambridge).
“We’re excited to work with ArtsBuild and see how microloans will directly benefit the arts sector.” – Derek Ballantyne, CEO, Community Forward Fund.
About ArtsBuild Ontario (www.artsbuildontario.ca)
ArtsBuild Ontario is the only organization in Ontario dedicated to realizing long-term solutions for building, managing and financing the sustainable arts facilities needed in Ontario communities. ArtsBuild provides tools, training and resources that support the development of sustainable creative spaces such as theatres, galleries, concert halls, museums and other arts facilities.
About TD Community Giving (www.td.com)
TD Bank Group invests in communities in order to effect positive change in the places where it operates and where its clients and employees live and work. In 2014, TD donated $82 million to community organizations in Canada, the United States and the United Kingdom. In Canada, TD focuses on education and financial literacy, creating opportunities for young people and the environment. For further information, please visit: td.com/corporate-responsibility.
About Community Forward Fund (www.communityforwardfund.ca)
The Community Forward Fund makes loans or arranges financing for Canadian nonprofits and charitable organizations. Its structure has been designed to address a gap in access to patient, working capital and bridge loans for the sector for small and medium sized organizations. An important part of CFF’s role will also be to provide financial coaching and review services, assessment tools and to help build financial skill capacity for sector organizations.
Marketing and Communications Coordinator, ArtsBuild Ontario
Office: 519.880.3670 x 103