Recently, the Massachusetts Cultural Facilities Project made a loan to the Cape Cod Repertory Theatre to renovate a former summer camp dining hall to serve as an indoor theater. Cape Rep's current main performance venue is an outdoor theater, which is limited by weather and the seasons. Loans can also stabilize organizations. The Clay Studio, an exhibition space and working facility for ceramic artists in Philadelphia, took out a commercial construction loan in 1990 with a high and variable interest rate. Last year CFF-Philadelphia refinanced the loan, cutting the interest rate in half and stabilizing payments.
Loans can also cover the costs of renovations and major equipment.
With CFF-San Francisco's assistance, Bay Area Video Coalition turned an expiring lease situation into an opportunity to fulfill organizational and programming needs through a facility move, expansion, and equipment upgrade. By financing the relocation, CFF helped us move into a position of strength for the future. CFF works with arts organizations to find the best approach to supporting and housing their programs. It supports projects that are thoughtfully planned and financially sound. It is also important that such projects advance an organization's programs over the long term.