Artists in the Muncie area who may not be able to afford the costs of their dream project may be in luck. IPR’s Thomas Ouellette reports on how a new non-profit foundation will help fund artists with peace of mind loans.

The Vore Arts Fund seeks to elevate for-profit arts and entertainment in Muncie by funding creators with loans that aren’t just interest-free, but in the words of the foundation itself “unconditionally forgivable.”

These specialized loans are designed to absorb any financial risk to the artist – meaning if their project fails to make money, they don’t have to pay back a dime.

President and lead engineer of the fund, Graham Watson, said he believes the fund will help people see Muncie as a town where art can thrive.

“A lot of people understandably feel like they would need to leave a city like this and go to a larger city in order to be able to be a professional artist or, or an educator or performer or even to operate a venue for the arts,” he said. “And we think this could make a bit of a dent in the perception that Muncie is a dead end for endeavors like that.”

The foundation states that it will never charge interest on its loans. However, those who benefit from the program will be able to pay voluntary interest if they want to help fund other projects.

Watson said the fund will primarily target high school and college students who have a lot of inspiration but lack the money to get things done.

Project ideas will be submitted to the foundation through their website. Approved ideas will be put up for public vote and the projects will receive funding in accordance to their popularity.

There’s no limit for total funding and Watson said he doesn’t have an interest in setting one.

“We don’t see, really, any need to set a limit or to take the kind of financially defensive posture that a lot of other organizations need to take for the purposes of longevity,” Watson said.“In our mind, the only failure condition for this project is if we fail to connect to the community and give out any money. It is, however, OK if we exhaust our budget and give out all of our money and hit a financial dead end – that way we’ll feel like we will still be a service to the community.”

The fund is still in its early stages of development. Watson said the goal is to be up and running by the end of this year.