Cullen Announces New Investment Venture In Irish Arts And Culture

Martin Cullen T.D., Minister for Arts, Sport & Tourism has announced a new 3-year corporate investment venture in Irish arts and culture between Bank of America Merrill Lynch and Ireland's Business to Arts organisation.

Entitled 'New Stream' the program aims to build on the skills and knowledge in fundraising within the arts and culture sector in Ireland. 'New Stream' will involve specialist training and professional advice and will be operated by Business to Arts and funded by Bank of America Merrill Lynch over 3 years involving an investment by them of €400,000.

Speaking at the press announcement last week at the Peacock Theatre, Dublin, Minister Cullen said: "This 'New Stream' Programme which I am very pleased to announce today on behalf of the two organisations, is significant on a number of levels. Firstly, it demonstrates a faith in the ability of Business to Arts to consolidate its past successes and to deliver robust training to the arts community.

"In addition, it signals a confidence not only in the arts in Ireland, but also in business in Ireland, into the future. I think it will also act as a catalyst to our business and arts community to strive for even higher achievements."

The Minister added: "I am on record as supporting the need for our cultural activities to become more involved in the business and social environment.

"We must be smart in our ambitions, our connections, our way of doing things and in achieving our goals. I therefore strongly believe that this collaboration between Bank of America Merrill Lynch and Business to Arts will be a testament to these goals.

"It is necessary to build the capability of the arts sector to develop new income streams beyond public subsidy. 'New Stream' will help in a major way towards achieving this. The aims and supports offered by 'New Stream' will provide a much needed skill for those in our arts sector who are aware and recognise the need for sustainability in their area, through focusing on diversifying funding."

Mr Allen Blevins, Art & Heritage Programs Director for Bank of America Merrill Lynch traveled from the US for the announcement. Minister Cullen said: "I wish to pay tribute to the commitment demonstrated by Bank of America Merrill Lynch in providing their significant level of support for the next three years for the arts community. The security of continued support is almost as important as the level of support available and for this, I know the potential recipients will be most grateful.

"I know that people within the arts do not have to be persuaded to 'think outside the box' or to look at innovative ways of funding or raising their profile. But it is often the momentum of this very creativity which sometimes does not allow artists or arts organisations the facility or indeed the time to step back and consider how best to exploit their wares.

"This is where this new program will be indispensable and relevant. I have no doubt the skills released through this new initiative will build on continuing Government support to our valued culture sector."