RSF Makes a New Loan to 18th Street Arts Center
RSF Makes a New Loan to 18th Street Arts Center
CAMPAIGN: Financing Announcements
SAN FRANCISCO, March 18, 2014 /3BL Media/ - RSF Social Finance (RSF) is pleased to announce a new loan to 18th Street Arts Center (18SAC), a non-profit artist residency program that provokes public dialogue through contemporary art-making. This loan will allow 18SAC to refinance their existing mortgage and provide funds for reserves. As 18SAC celebrates their 25th anniversary this year, RSF also looks forward to growing with the organization in the coming years as they build out the facilities to expand their programing – and gear up for another successful 25 years.
Artist residency programs exist around the world, in both urban and rural settings, serving anywhere from one artist to over 50 artists. The residency programs can appear in art museums, retreat centers, schools, universities, independent non-profits, or community centers and their focus can be multidisciplinary or focused on specific areas, such as visual arts, dance, theater, technology arts, writing, and more. According to The Alliance of Artist Communities, a leading association of artist residency programs, there are more than 500 programs in the US and thousands more across the world serving more than 10,000 artists domestically and 20,000 more worldwide. Most are multidisciplinary, like 18SAC, and are considered research and development labs for creative work.
Founded in 1988, 18th Street Arts Center has fostered and supported the work of many of Los Angeles’ most engaging and diverse artists, and has built bridges to artists communities around the globe. The organization values art-making as an essential part of a vibrant, just, and healthy society.
“18th Street Arts Center is a deeply committed social enterprise which plays an important role in the arts landscape both in Southern California and internationally,” explains Reed Mayfield, RSF Senior Lending Associate. “By providing affordable live/work studios and a creative space conducive to an artist’s professional development, 18SAC facilitates inter-cultural collaboration and community engagement in the arts.”
18SAC provides a hub for contemporary art through two program areas that reflect its mission: 1) A three-tiered Residency Program that fosters inter-cultural collaboration and dialogue and 2) A Public Events and Exhibition Program that focuses on engaging with the public and revealing the art-making process through exhibitions, events, talks, publications and other opportunities.
The Residency Program has three strategies to support artists. The first is a long-term residency for mentoring artists and ‘anchor’ organizations, which have helped to define the character and scope of the organization. The second is a mid-term residency, which is a three-year program for California artists to advance their careers. Lastly, they have a short-term residency for national or international visiting artists and curators who reside at 18SAC for one to three months.
The Public Events and Exhibition Program includes 18SAC’s signature Artist Labs series, the new Curator in Residence Program, presentations of emerging artists, and a lecture series featuring artists, curators, and scholars whose presentations relate to exhibition content and themes explored in residencies.
Housed in five buildings on its 1.25-acre site in Santa Monica, California, 18SAC provides a physical center that promotes collaboration and dialogue for contemporary art in a region characterized by its de-centralization. 18SAC is the largest arts organization in the City of Santa Monica, and is the largest artist residency program in Southern California.
“18th Street Arts Center is privileged to own this exceptional community resource and we are thrilled to have RSF as a new finance partner supporting the work we do for artists as we celebrate our 25th Anniversary,” says Jan Williamson, Executive Director at 18SAC. “RSF’s loan is helping us make plans for the next 25 years.”
About RSF Social Finance
Located in San Francisco, CA, RSF Social Finance (RSF) is a financial services organization dedicated to transforming the way the world works with money. Since 1984, the organization has made over $275 million in loans and $100 million in grants to non-profit and for-profit social enterprises working in the areas of Food & Agriculture, Education & the Arts, and Ecological Stewardship. RSF's lending capital comes primarily from 1,500 individuals who have invested $1,000 or more in the organization's Social Investment Fund. Investors earn a competitive return on their money comparable to a certificate of deposit while their funds are deployed to leading social enterprises. To learn more, visit www.rsfsocialfinance.org.
About 18th Street Arts Center
Founded in 1988, 18th Street Arts Center (18SAC) is an artists’ residency program in Santa Monica, CA that provokes public dialogue through contemporary art-making. The organization values art-making as an essential part of a vibrant, just, and healthy society. Through artist residencies, 18SAC fosters inter-cultural collaboration and dialogue. 18SAC residencies, exhibitions, public events, talks, and publications encourage, showcase, and support the creation of contemporary art. 18SAC is a non-profit organization generously supported by its Board of Directors, individuals and corporate donors, private and corporate foundations, and government agencies. A corpus of over 50 dedicated volunteers support 18SAC’s visitor services, programs, and administrative functions. www.18thstreet.org
Reed Mayfield, Senior Lending Associate
Jillian McCoy, Communications Manager