One of Manchester’s most revered music venues, Band on the Wall, has secured six-figure funding from Lloyds Bank.
Inner City Music, which operates the venue, secured a £150,000 loan through the Coronavirus Business Interruption Loan Scheme.
The facility will enable the venue to press on with growth plans, which were originally scheduled for next year.
The business plans to create two new performance spaces, which will double the venue’s capacity, with funding by Arts Council England and the National Lottery Heritage Fund.
The loan will also enable the business to safeguard central management jobs and cover the cost of rescheduling work.
It comes after the Northern Quarter venue, which has hosted the likes of Joy Division and Buzzcocks, was forced to cancel or postpone more than 400 events between March and Summer 2021.
Lockdown saw the business facing cashflow issues and furloughed the majority of its staff.
Gavin Sharp, Inner City Music chief executive, said: “Music is all about shared spaces and bringing people together but sadly the coronavirus pandemic has forced the industry into hibernation.
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“Not only has this funding allowed us to safeguard jobs for our core management team, it’s given us the financial headroom to move forward with our plans to expand the business.
“As custodians of this piece of Manchester’s musical history we look forward to emerging from the pandemic in a strong position, ready to celebrate not only the history of our home venue, but also the strong and vibrant musical heritage of all of Manchester’s communities.”
Expansion plans also include scope for classroom and rehearsal spaces, where the business can continue its programme of community events working with schools to create music clubs, South Asian dance workshops and the founding of a youth folk orchestra for Manchester.
Liam O’Hara, relationship manager at Lloyds Bank, said: “Coronavirus has had a huge impact on the entertainment industry and on businesses within its supply chain.
“Band on the Wall is facing significant uncertainty on when it can resume operations, but Gavin and the team have used the downtime wisely to achieve their future growth plans.
“We’re committed to supporting companies just like this one throughout the coronavirus crisis, helping them tackle immediate challenges and prepare for the future.”