The leader of the Arts & Business Council (A&BC) of Greater Boston calls for more affordable arts spaces and encourages more flexible financing, like that provided by BlueHub Loan Fund, to make it happen in an op-Ed published in the Boston Business Journal.
"Investments in affordable artist housing, workspaces and community-gathering spaces are worth it. These spaces enrich the creative fabrics of communities while offering prospects of strong double-bottom line returns on investment," says Jim Grace, executive director of A&BC.
BlueHub provided a $3 million loan to A&BC for the acquisition of Western Ave. Studio & Lofts, affordable live/work space for artists in Lowell, MA.
'What differentiates BlueHub from a traditional bank is their flexibility. They think outside the box to make the financing work through raising capital that enables them to take on more risk when lending. For nonprofits with limited resources, that makes all the difference."