The Department For Culture, Media & Sport provides some information about access to funding for creative businesses. Raising finance can be a problem for creative businesses, especially as many high street banks can perceive them as a ‘high risk’. Arts in England are funded through various sources including earned income, government subsidy, private donations and business sponsorship. This benefits artists and arts organisations, as it reduces risks associated with relying on a single source of funding. It also enables greater artistic freedom and financial flexibility, as different schemes have different conditions.
The DCMS itself does not provide funding directly to any arts organisations or individuals. They support organisations and schemes that artists and institutions can apply to for funding:
- Arts Council England
- National Lottery funding opportunities
- Grant opportunities for students
- International funding schemes
- Local authority support for the arts
- Sponsorship, trusts, foundations and private giving
- Voluntary and community groups funding