We recognize that small artistic entities are small businesses. By providing them with resources, experienced personnel, seasoned consultants and access to networks, Pentacle believes artistic entities will be better able to instill best business practices, build a strong infrastructure, and ultimately focus on what they do best—produce art and engage with their audiences. Pentacle’s Cash Advance Program seeks to empower artists in their economic relationship with money, providing bundled services and access to capital that will encourage financial sustainability in the performing arts sector and have a net benefit to the larger economy.*
With a mission to promote equitable infrastructure for small performing arts entities who typically don’t have access to other forms of credit or grant funding, Pentacle’s Cash Advance Program is designed to enable artists to take the next steps in implementing their capacity and infrastructure plans. Starting in July 2022, five artists were selected by a panel review process to be part of the pilot Cash Advance program.
OVER A 12-MONTH PERIOD, THE PILOT CASH ADVANCE PROGRAM PROVIDED SELECTED ARTISTS WITH:
- An initial 90-min financial assessment with a dedicated mentor
- Additional sessions with their dedicated mentor throughout the project period
- 10-hours of direct administrative support from a Pentacle fiscal associate guided by their mentor
- Four professional development workshops focused on the artists’ specific goals and needs
This initiative is currently under assessment and evaluation in a process to learn from the pilot program and evolve the initiative.
For more information about the Cash Advance Initiative, please contact directors@pentacle.org.
*In a recent study by the National Endowment for the Arts and the U.S. Department of Commerce, it was found that arts and cultural spending have ripple effects on the overall economy, boosting both commodities and jobs. For every 100 jobs created from new demand for the arts, 62 additional jobs are also created.
