THE ELIZABETH STEINWAY CHAPIN REAL ESTATE LOAN PROGRAM
The Elizabeth Steinway Chapin Real Estate Loan Fund is a longer-term loan program that provides up to $200,000 for theatre renovation, purchase, or construction. Real Estate loan requests are reviewed on a case-by-case basis, depending on availability of loan funds and the viability of the applicant’s project. To inquire about a real estate loan please contact Corinne Woods at firstname.lastname@example.org or call (212)244-6667 x241.
CASH FLOW LOANS
Cash Flow Loans are short-term loans that do not exceed $50,000 over a term of no more than six months. These loans should be collateralized against high quality receivables such as secured grants and other income that can be reasonably expected in the short term.
Eligibility and Cash Flow Loan Basics:
- A.R.T./New York’s loans are made from a revolving, community fund. Every dollar repaid is a dollar that can then be lent out again to another borrower.
- A.R.T./New York members with 501(c)(3) status and that are considered to be in good standing with A.R.T./New York (no overdue rent, loan, or membership dues balances) are eligible to apply for short-term Cash Flow Loans.
- The term of a loan is not to exceed six months, and loans can be made in amounts of up to $50,000 (or, 10% of the company’s operating budget, whichever amount is lower). Repayment of loan principal should occur within two weeks of planned receipt of collateral, and proposed repayment plan should reflect this best practice.
- Requests for loans under $15,000 incur an application fee of $50. Requests for loans in amounts equal to or greater than $15,000 incur an application fee of $100.
Applying for a Cash Flow Loan:
When applying for an A.R.T./New York Cash Flow Loan, please be aware that the Loan Committee will need to assess the current financial position of the organization, as well as the quality of the collateral cited as sources of repayment. Loan applications will not be processed without all the required documents. You may include additional information, if necessary, by uploading additional documents.
Members wishing to apply for a Cash Flow Loan must submit the following as part of the online application:
- Board resolution (download template here)
- Insurance schedule (ie. proof of General Liability insurance)
- Most recent audit
- Most recently completed fiscal year P&L statement and balance sheet if most recently completed fiscal year is not yet audited
- Current year budget and balance sheet
- Proposed repayment sources and schedule (download template)
- Copies of grant letters and context for other repayment sources (i.e., box office history)
- Board of Directors list and contact sheet
Review time of Cash Flow Loan applications is up to two weeks upon receipt of all application material.
Download A.R.T./New York Loan Policy »
Please take a moment to review A.R.T./New York's Loan Policy to learn more about the program, managing a current loan, and policies regarding delinquent loans.
If you have questions about any of the above documents or the Cash Flow Loan program in general, please do not hesitate to contact Corinne Woods, Programs Coordinator, at email@example.com or (212) 244-6667 ext. 241.
Programs staff processes each application and may contact the applicant for additional information or further clarification of information provided.
Header: 2014 Edith Lutyens and Norman Bel Geddes Grantee The Team’s production of RoosevElvis (Photo by: Sue Kessler)