Art loans ‘Made Possible’ with Novuna Consumer Finance

We’re currently supporting a new pilot programme in Scotland, which is being trialled for 12 months, to help independent artists, makers and craftspeople offer finance options directly to their customers.

We’ve been supporting the art industry for nearly two decades

For the last 17 years, we’ve partnered with Own Art to offer finance options to galleries across the country. For a limited period, we’re extending the initiative and partnering with ten artists and makers in Scotland who sell directly to their customers.

This new initiative is developed by Creative United and supported by National Lottery funds from Creative Scotland. It allows independent artists and makers to offer interest free finance directly to customers. They can spread the cost of their purchase, up to £25,000, over a period of 10 months without paying a penny more than they would if they were buying the same piece outright.

Making art more accessible

Collecting art is often thought of as an affluent hobby, but customers don’t have to break the bank to access the artwork they love. We’re helping to make art, craft and design more affordable by allowing customers to spread the cost, rather than having to find thousands of pounds upfront.

While over 300 galleries across the country offer finance through Own Art, many independent artists who sell directly to their customers don’t yet have the option to offer this payment option. Offering the choice to make manageable monthly repayments versus buying a piece outright could make a big difference to their customers, allowing independents to close additional sales.

“Generating a regular income through the sale of your work continues to be a significant challenge for the vast majority of UK based artists and craftspeople. Although social media has made it easier and more affordable for artists/makers to gain a following, many struggle to convert that interest into sales. Creative United is committed to supporting independent artists and craftspeople build their creative enterprise by giving them access to the skills and services they need to develop and grow. We hope that our Made Possible pilot will help demonstrate the positive impact of retail finance as a tool for artists and makers to generate incremental sales, while also making their work more accessible to a wider range of buyers across the UK.”

- Mary-Alice Stack, Chief Executive at Creative United

Benefits of the scheme so far

• Supports independent artists, makers and craftspeople. Many artists and makers have a strong following, though many of those might not be able to afford a piece outright. Finance can make buying a piece of art more accessible
• Encourages repeat custom. Art lovers may be more willing to expand their collection, knowing they can spread the cost over a time that suits them
• Boosts order value. Finance can boost a customers’ budget, so they may be tempted to buy the more expensive piece they really have their eye on

Partnering with a finance provider who cares

Here at Novuna Consumer Finance, we genuinely care about supporting businesses, creatives and customers. Our partnership with Creative United and their Own Art and Made Possible initiatives is testament to our dedication to helping people make their important things happen.

Follow us on LinkedIn for the latest information about the programme and its outcomes.

Header photography credit: Created by artist, designer and maker Frances Priest,  photographed by Shannon Tofts.