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<p>The Repayable Finance Scheme is intended to assist larger organisations who need
more than £3m, and that have a history of financial resilience. Thorough financial
checks will be conducted prior to awards being granted, and recipients will need to
demonstrate financial viability as a result of receiving the award. This support package
represents the most cost effective way of preventing key cultural and heritage organisations
from insolvency, and the repayable finance option will ensure a return to the taxpayer
on their investment.</p><p>Loans will be available on generous terms including a payment
term of up to 20 years, an initial repayment holiday of up to four years and a 2%
interest rate per annum. Further details are available in the guidance published by
Arts Council England.</p><p><strong> </strong></p>
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