The popular ‘Own Art’ scheme, which helps gallery customers buy art with Interest free loans, is now ‘on hold’ as the HFC Bank has decided to withdraw its credit for the scheme.
The scheme is run by the Arts Council & the Scottish Arts Council with HFC Bank being the credit provider.
Considering the scheme is only 3 years old, the stats are impressive. Since it was created in 2004, 305 English galleries and 40 Scottish art galleries have signed up to use the scheme, with 7000+ customers spending £5.5 million pounds sterling on art through ‘Own Art’ scheme. Loans range from between £100 – £2000.
The withdrawal of credit by HFC Bank starts in May 2007 and although the repayment agreements with existing customers will be unchanged, no new galleries will be allowed the sign up to the ‘Own Art’ scheme. I’m presuming the situation will change when a new credit provider comes forward.
A spokesman for the Arts Council said:
‘Over the coming weeks we will be making arrangements to secure a new credit provider to ensure its continued success’
thank you
Russell
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