Lumberyard Announces $5 Million Loan from Social Financier
Lumberyard Contemporary Performing Arts in New York City and RSF Social Finance have closed on a $5 million loan to construct a state-of-the-art facility near the Hudson River waterfront in Catskill, New York. The financing represents a meaningful step forward in Lumberyard's efforts to economically and culturally revitalize the region where its new campus will open in the spring of 2019. The location will also serve artists by providing them with technical support and residencies before a national or New York premiere."RSF's investment in our new facility will catalyze growth in Catskill and Greene County by bringing jobs, tourism, and other economic development to the area," said Adrienne Willis, executive and artistic director of Lumberyard. "We look forward to establishing more collaborations like this one to help revitalize our part of New York's Capital Region." RSF, based in San Francisco, is a financial institution that strives to revolutionize how people relate to money. It does so by cultivating a community of investors, donors and entrepreneurs-unsatisfied with the status quo-who want their dollars working to create positive change, both for their communities and the environment. Lumberyard is the institution's first investment toward the construction of a new performing arts facility, and the amount lent is an acknowledgment of the promise and financial strength RSF sees in the organization. "We're proud to support Lumberyard because of its willingness to step into the void and offer the infrastructure necessary to enable artistic freedom and diversity," said Casey Johnson, senior associate for Social Enterprise Lending at RSF. "And we're eager to see the many ways this project will ripple in its impact by attracting national audiences and artists, and boosting economic vibrancy." In planning its new construction, Lumberyard prioritized meeting with various stakeholders to create a shared vision. Local students, residents from the broader Catskill region and partners in the national performing arts field collaborated in this endeavor. David Neumann, winner of the three New York Dance and Performance Awards, informally known as the Bessie Awards. "Lumberyard does it right-concentrating their efforts on what's necessary and learning from their collaborations with artists how to improve future residency experiences." The loan from RSF follows two grants made in 2015 and 2016 by New York Governor Andrew M. Cuomo's Capital Region Economic Development Council-for $500,000 and $300,000, respectively-in recognition of Lumberyard's potential to revitalize Catskill.