Joy. Heartache. Passion. Music moves us, inciting an eclectic array of emotions. Soulful voices united in song create the heartbeat for Revv52 performances that have energized and inspired audiences since 1952.
Revv52 explored ways to expand their artistic boundaries, with a vision of launching larger and more complex shows during their 70th anniversary year, Their goal was to purchase two new sound consoles and provide every member of the ensemble with an individual microphone.
“Along with offering edgy staging and choreography, we wanted to invest in new technologies that would dramatically enhance the sound for the audience.” says John Morgan, Revv52’s Artistic Director.
Purchasing new sound equipment posed a challenge, after a year where the pandemic restricted in-person gatherings. Despite foregoing proceeds from canceled performances, Revv52 had shown resilience with diversified revenues from memberships, donations, and public grants. While a return to in-person shows had been planned, revenues from ticket sales could no longer be assumed given public health concerns.
Understandably, there was some discomfort in taking on debt during this time but as noted by Morgan, “We recognized the importance of advancing our vision as quickly, and safely, as possible.”
“It’s often difficult for non-profits to obtain a good lending rate that offers flexible funding terms from banks,” says Morgan. “We opted to meet with Alex Laidlaw, Impact Investment Associate at the Calgary Foundation to discuss financing options offered through their Impact Investment Program.”
Borrowing from Calgary Foundation allowed Revv52 to access debt tailored to their needs. To ensure repayments remained manageable in a worst-case scenario, the charity pledged cash reserves as collateral, allowing an impact investment to be repaid over a longer term than would be typical for an equipment loan. Now that performances are going ahead as planned, the loan also provides flexibility for early repayment without any penalties.
“Working with the Calgary Foundation was a very smooth and transparent process.” says Morgan. “Alex provided beneficial coaching prior to our presentation to the Impact Investment committee, who listened to our vision and asked thoughtful questions that helped us throughout our loan application.”
With people back to enjoying in-person performances, Revv52 appreciates the support received towards making a capital expenditure for new technology. Not only are they now able to provide an innovative choral experience for audiences, they can generate additional revenue by renting out the sound equipment to other organizations.
“By providing a loan repayment plan that was resilient during uncertain times, with the flexibility to repay sooner if circumstances changed, Calgary Foundation offered us the best approach to meet our funding needs.” says Morgan.
Just like the song says – you can’t always get what you want, but if you try sometimes, you get what you need…