Arts & Business Scotland has been awarded £300,000 by the Scottish Government to encourage further private sector investment in the arts in Scotland, the Culture Minister has confirmed today.

Fiona Hyslop made the announcement at the Arts & Business New Arts Sponsorship Grants Reception. The event took place at the National Gallery of Scotland to celebrate 50 arts and business partnerships in receipt of a New Arts Sponsorship grant over the last year.

The Scottish Government’s New Arts Sponsorship grants scheme is a match funding scheme, which has been delivered through Arts & Business Scotland since 2006, attracting nearly 200 new or returning business sponsors and leveraging nearly £2.4 million of business investment to the cultural sector.

UK figures released in January 2010 as part of the Arts & Business Private Investment in Culture Survey revealed that in 2009/10 private investment in the culture in Scotland increased by 6% and business investment in Scotland increased in line with inflation to £10.3m, in contrast to an average fall across the UK of 11%. This success is in part due to the Scottish Government’s support or arts sponsorship.

The news that the New Arts Sponsorship grants scheme will be continued into 2011/12 will help encourage business to invest in culture in the current economic climate.

Barclay Price, Director, Arts & Business said: ‘Being able to offer a potential new business sponsor the chance to double their cash is a terrific tool for arts organisations. And we know that the majority of businesses who are encouraged to engage with the arts for the first time then go on to sponsor again having discovered the cost effective business benefits.’

Culture Minister Fiona Hyslop said “The Scottish Government is working hard to strengthen economic growth and make Scotland a more attractive place to invest. This action, along with our continued investment in culture and unique approach to incentivising new arts sponsorship, is helping our vibrant cultural sector thrive and flourish, delivering significant benefits for the whole of Scotland. The outstanding New Arts Sponsorship grants scheme has succeeded in increasing private investment in the arts in Scotland, which is why we are continuing funding and have allocated £300,000 from our 2011/12 budget.”

Source: Arts & Business Scotland