This fund assists professional arts organizations that are facing the prospect of closure.
In specific circumstances, funding is available for the restructuring of an arts organization, so it can continue to contribute to the community it is serving. This component was established for those rare instances where a professional arts organization faces the prospect of closure, yet there is a high degree of support for its continuation and a viable business/restructuring plan.
A restructuring project proposal must include:
- a viable debt elimination plan;
- a viable restructuring plan; and
- a repayment proposal approved by creditors.