The Venezuelan American Endowment for the Arts, Inc. (“VAEA”) promotes cultural exchange between the United States, Venezuela and other Latin American nations through support for the arts, cultural programming and education. Since the organization’s founding in 1990 in New York State, VAEA has hosted countless bi-national events in support of these goals, provided direct support, grants and mentorship to artists and students in the US, Venezuela and Latin America and has honored luminaries in all aspects of the arts whether it be music and performance based, visual arts, or architecture.
The proceeds from this bridge loan will provide VAEA with additional working capital to support the organization through an expansion phase and planning.
The loan will be repaid through funds from their capital campaign, grants, individual donations, and major gifts.
VAEA entered into an agreement to receive a property located in New Rochelle to be used as the VAEA headquarters and future cultural art center. There will be 10,000 sq ft of exhibition space and a state-of-the-art theater. The funds needed for the renovation will be raised through a $1.5M capital campaign.
Through its new cultural center, VAEA will be able to greatly expand the range of programming it can offer and build on its already impressive record in the greater Westchester area. The Center will also play an important role in supporting the cultural vibrancy of the city of New Rochelle during a time of revitalization.
