South Carolina: ArtsGrowSC

Recognizing the scarcity of investment capital available for motivated artists and creative ventures, the South Carolina Arts Commission (SCAC) and CommunityWorks, a local community development group that strengthens the financial infrastructure of underserved areas, have launched a program to capitalize cultural entrepreneurship. Through the $1.5 million ArtsGrowSC program, SCAC and CommunityWorks are offering a savings incentive program, Artist Ventures grants, microloans, business-venture loans and personalized financial consultations. SCAC and CommunityWorks are establishing savings accounts for up to four professional-caliber artists in Spartanburg County—home to one of the state’s seven certified cultural districts—and matching their deposits at a rate of three to one. To be eligible for an “individual development account,” participating artists must attend two professional development workshops, commit to an annual savings target and file related quarterly progress reports. The program’s goal is to help artists leverage their savings so they can start or expand an arts related business, purchase equipment or otherwise invest in their creative career. Find out more from SCAC Program Director Joy Young.