The Pennsylvania Council on the Arts (PCA) recently expanded its Creative Business Loan Fund to include Rising Tide Community Loan Fund, a community development financial institution (CDFI) that is a subsidiary of the Community Action Committee of the Lehigh Valley.
This expands the fund to $2.6 million.
Rising Tide will service the Lehigh Valley and Northeastern Pennsylvania.
The fund provides loans to creative businesses serving a diverse market; located in low-income communities, small towns and rural communities; or owned by Black, Indigenous, and people of color.
Loans are between a few thousand dollars to $250,000. The average is $110,000.
Eligible businesses include architecture, design and fabrication firms; arts schools; book editing and production; craft manufacturers; custom woodworking; home goods design; media companies; music production and recording; printing; and visual and performing arts production agencies.
Loans can be used for equipment purchases, production, and real estate acquisitions.
Other CDFIs in the fund are Bridgeway Capital (western PA) and Community First Fund (eastern PA).
The PCA investments in arts and cultural production.
In 2021, the creative sector in Pennsylvania contributed $28.6 billion to the economy, supported more than 165,000 jobs and provided $14 billion in compensation, according to the U.S Department of Commerce.