Bridging finance helps the arts in London
London is an important cultural city with a thriving arts sector, and an initiative designed to help artistic talent in the capital is being helped by bridging finance, reported FT.com in October 2017.
The Mayor of London, councils, and developers are supporting an initiative called Creative Enterprise Zones. A trust has been formed that, with the help of bridging finance, is looking for suitable premises to purchase that will act as creative hubs. As part of this project, studios will be created to act as bases for artists. It is expected that local businesses will help to support these creative zones.
London is a hub for technology and financial companies who tend to congregate in particular areas, the financial companies in the city and high-tech firm in places like Shoreditch. The Creative Enterprise Zone Initiative recognises that the life of London is not just about commerce, but that culture too is an essential part of the capital, and cultural spaces should be encouraged.
The cultural life of London is not just about the high-profile centres such as Tate Modern and the National Theatre. There are numerous artists, musicians, dancers, filmmakers and theatre groups. By providing bridging finance for organisations that provide property for cultural individuals and organisations, bridging finance lenders can help London’s cultural life.
Many developers using bridging loans to finance building projects have recognised the value of incorporating cultural spaces in their plans for commercial properties so that business and artistic activities coexist in the same building as part of London’s regeneration process.