ACE 614 ITT - Framework Of Financial Advisors For Arts And Culture Repayable Finance

2024-10-31

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Published date: 31 October 2024

Open opportunity - This means that the contract is currently active, and the buying department is looking for potential suppliers to fulfil the contract.

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Contract summary

Industry

Accounting services - 79211000

Location of contract

Any region

Value of contract

£200,000

Procurement reference

BIP898919951

Published date

31 October 2024

Closing date

2 December 2024

Closing time

12pm

Contract start date

17 February 2025

Contract end date

16 February 2027

Contract type

Service contract

Procedure type

Open procedure

What is an open procedure?

Any interested supplier may submit a tender in response to an opportunity notice.

Contract is suitable for SMEs?

Yes

Contract is suitable for VCSEs?

Yes

Description

Arts Council England are conducting a Procurement for a Framework of Financial Advisors to support with the administration of the Cultural Recovery Fund loans programme.

As part of the government's response to the Covid 19 crisis, the Department for Culture, Media and Sport (DCMS) made 37 loans to arts and culture organisations, investing £250 million. DCMS are the Lender for the loans, and Arts Council acts as their loan agent. A dedicated repayable finance team manages the day-to-day responsibility of the loan book management, monitoring, and reporting. From time to time, ACE requires an independent and impartial review of a borrower organisation and its financial model to support our decisions regarding their loans - referred to as Financial Advisors.