UK Arts Organizations Receive £165m in Emergency Loans

Over £165m in emergency loans have been given to eleven of the UK's biggest arts organizations hit hard by the health crisis, The Guardian reports.

Among those receiving loans are The Royal Opera House (£21.7m), The National Theatre (£19.7m), the Royal Shakespeare Company (£19.4m), the Royal Albert Hall (£20.7m), the Southbank Centre (£10.9m) and English National Opera (£8.5m).

Each of the organizations will have an initial repayment holiday of up to four years, a low interest rate and a repayment term of up to 20 years.

"It is a vital lifeline that will form part of our recovery, helping to ensure that The National Theatre will be here for the nation, now and in the future," said Lisa Burger, executive director of The National Theatre. "The loan will enable us to invest in the freelance creative workforce to produce some of the world's most exciting theatre."

Alex Beard, chief executive of the Royal Opera House, said the money will help, but it will not fix all of the problems this year has caused for the industry.

"The road ahead is not smooth for our industry," Beard said, nothing that there would also be "restructuring and redundancy."

So far more than £1bn has been allocated from the cultural recovery fund. More details of £300m in grants and £100m in loans will be announced in due course.

Read more on The Guardian.

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