The Jerome Foundation Directors made a $100,000 Program Related Investment (loan) to ARTSPACE PROJECTS, Minneapolis, Minnesota, to constitute a Revolving Loan Fund for low-income artists renting units in Artspace Projects buildings in the Twin Cities and Duluth. This is the second such award to Artspace, which has operated an effective loan fund for artists, covering the purchase of equipment necessary to art making, the rehabilitation of space in order to provide an effective working studio, among other purposes. Artspace is dedicated to the premise that artists must remain within a community, maintaining the creativity and spirit of the arts within neighborhoods. Each artist living and working in an Artspace building is a cottage industry, a small business with financing needs similar to any other small business. Most artists, particularly those categorized as low income, have a very difficult time obtaining financing from traditional lending sources. These factors and others led Artspace to develop a Revolving Loan concept for its building tenants. In addition to the Program Related Investment which will be paid back to the Foundation over a ten-year period, the Directors authorized an annual sum of $7,500 to cover the staffing and other expenses associated with operating and monitoring the loan fund.