The Community Advantage Loan for the Arts and Entertainment Industry, offered by the Citrus North, is the most recent application for SBA loan products. It provides working financing to small-scale firms in the Arts and Entertainment Industry, ranging from $250,000 to an 85% loan guarantee.
To provide working capital for small-scale enterprises in the entertainment and arts sector, which includes but is not only assisting with the launch of a commercial product as well as the execution of agreements with companies to provide distribution, marketing, and licensing, all while ensuring accountability, transparency, and ownership accountability using the standard business procedures.
Why is this loan so Important?
The U.S. is the leading global country for Art’s and Entertainment, and the environment for small businesses to do business locally and internationally is constantly evolving. With this loan package, we hope to meet the needs of small-sized enterprises in the fields of entertainment and the arts by making financing easier as well as enhancing the skills and ability of entertainment-related small businesses to compete and acknowledging the importance that comes from Intellectual Property and Research and Development assets of companies.
What is the best way to use funds?
Uses that are eligible include but aren’t restricted to:
- Purchase furniture and fixtures
- Buy equipment and machines
- Ancillary costs
- Buy an existing company
- Buy or upgrade an existing building
- Live performance and tour
- Development and creation of products
- Provide working capital
- Materials purchased and inventory for purchase
- Purchase materials
- Refinance business debt that is already in the process (in certain instances only and subject to certain conditions)
Highlights of Eligibility Requirements
- The registered and based within the United States
- A profit-making business operating for profit
- Show a need for capital and demonstrate the capacity to repay the loan
- Attain size requirements: Earnings that are less than $7.5 million of revenue (NOTE earnings and conditions for employees differ based on sector/NAICS Code)
- Have a decent financial score, credit rating and
- Do not engage in any prohibited business practice
Who can apply?
More than 800 types of businesses are eligible to apply to offer the following services and products:
- Design and Applied
- Hosting, Data Processing, and Related Services
- Distribution and Retail as well as Archives
- Services for the Arts and Entertainment
- Entertainment Venues
- Filmed Entertainment
- Visual Arts
- Manufacturing/Physical Products
- Media Arts
- Publishing and Non-Publishing
- Video Games
- The Performing Arts