Artist management platform Artist Growth has teamed with Pinnacle Financial Partners to launch a new financing program for entertainers, which will offer streamlined access to capital.
This tour financing program marks the first offering arising from Artist Growth’s strategic partnership with Nashville-based Pinnacle Financial Partners, announced in May.
The program allows agencies to upload event routing and confirmed guarantees into Artist Growth. Pinnacle will then approve an advance ranging from thousands of dollars to millions, based on tour dates, guarantees, insurances terms and more. This allows artists to get capital quickly, without the need to submit personal financial documents generally required for a bank loan.
The lending program will remain in pilot through at least the third quarter, available only to a small number of invited users. Full access to Artist Growth clients is expected in the fourth quarter.
“Our mission has always been to help artists manage and grow thriving businesses, and as capital is at the center of all business, it is a natural service for us to provide to our clients,” says Matt Urmy, Artist Growth’s founder and Chief Strategy Officer. “This program brings friction-free access to cash to any artist at a participating agency that is touring. Sometimes an artist’s tour support budget from the label runs out, and opportunities are lost due to a shortage of cash on hand, or artists have to enter agreements that limit their options in order to access the funding they need. We believe that if artists are working hard on the road playing for their fans, access to capital should not be a problem in today’s industry.”
“This is exactly what we wanted to accomplish when we partnered with Artist Growth,” says Andy Moats, Pinnacle’s head of music, entertainment and sports. “It’s an extension of the work we’ve done for years to support artists and help them bring their music to the fans. The speed and agility offered by Artist Growth will expand our reach by matching our lending capabilities to the unique needs of musicians on the road. It’s a nontraditional business model, and we’ve built our reputation on understanding that and tailoring our processes to them so we can meet their needs. Our industry expertise combined with the Artist Growth platform is a powerful combination.”
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