Once you have determined the total income you’ve invested in your work, project or business, consider individual loans that may be available to you for future projects or the creation of new works. Loans are a good way to access a large amount of funding at one time for projects that are large and/or expensive. While you will incur a monthly expense to repay the loan, it is still a good way to achieve a funding goal without investing a lot of time in the process.
Be mindful and realistically determine how large a loan payment your personal budget can sustain, and for what period of time, before pursuing this option.
Once you have made the decision to apply for a personal loan, research the loans available to suit your needs. There are a number of organizations that offer loans and support for artists and small businesses like WECO Fund, Inc. or Cleveland Action to Support Housing. If you are looking for space, are improving a storefront or home, or investing in your community in some other way, talk to your community development corporation (CDC) or the development department of your municipality. These organizations may know of options available for small, low-interest loans. Search through our loans listings and our listing of service organizations for more information and additional help with obtaining a loan.
You may also want to contact a bank where you currently do business, and discuss your options with a loan officer. Research the various types of loans offered to determine the best interest rate you may be able to secure.
Credit unions are also a good place to look for loans since often their rates are more competitive than those of the larger banks. In Cuyahoga County, NoteWorthy Federal Credit Union is a unique credit union that specifically serves “the arts and entertainment community.” In addition, NoteWorthy offers “services specially designed to meet the unique professional and personal needs of artists. From competitive checking and savings accounts to low-interest credit cards and Creative Arts Project (CAP) loans, NoteWorthy provides a range of artist-friendly tools that other financial institutions don’t.” They also host CPAC's Artists in Residence micro-loan program.
Whatever your preference, be sure to research your options before pursuing a personal loan to make sure it is the right fit for your lifestyle and needs.
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