Northeast Shores is announcing another support program for artists living and working in the North Shore Collinwood neighborhood, as well as artists who would like to relocate here.
Through a unique partnership with NoteWorthy Federal Credit Union and the Community Partnership for Arts and Culture, we are pleased to announce the Artists in Residence loan program. This new loan product supports artists looking to create art space in the North Shore Collinwood neighborhood. This program covers space conversions that might be difficult to finance through a commercial lender, such as a musician wanting to soundproof a rehearsal space or a painter who wants to convert their garage into a studio.
Each of the program partners are working to make this kind of space conversion easier for artists to complete. Northeast Shores provides participants with access to free space ownership coursework and works with them to develop a personalized financial plan. The Community Partnership for Arts and Culture is providing 25% collateral on every Artists in Residence loan, making it easier to complete a project without taking on a second mortgage or additional credit card debt. NoteWorthy Federal Credit Union is a locally-based national credit union that has been serving the financial needs of the arts community for decades. Their understanding of the artist community’s needs makes the lending process a friendlier process for participants.
Artists in Residence loans are available to artists of all backgrounds and all disciplines (craft, dance, design, literature, media, music, theatre and visual art). The program is focused on investments in the North Shore Collinwood neighborhood, so applicants should have access to space in the neighborhood or be in the process of obtaining space there. The loans have flexible repayment schedules and interest rates starting as low as 5.6% APR.
These loans are just the latest offering of our Artists in Residence program, a two-year initiative to make the North Shore Collinwood neighborhood an even better place for artists to live and work. Northeast Shores is also rehabbing houses for artists so they can have the dream home they always wanted, helping them launch their own storefront businesses and distributing $100,000 in small grants giving to support their neighborhood arts projects.
If you are interested in applying for an Artists in Residence loan, or would like more information about our broader efforts to support artists, contact Northeast Shores at 216.481.7660, ext. 27, or sbeattie@northeastshores.org.
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