Novuna Finance open new music scheme, partnering with Creative United
More musicians will be able to spread the cost of instruments and equipment through interest-free finance as Novuna Consumer Finance becomes the new finance partner for Take it away, the publicly funded scheme run by social enterprise Creative United.
From 1 November, Novuna will provide the finance behind Take it away, with new terms designed to make it easier for smaller independent music retailers to join the scheme and offer interest-free finance to their customers.
Since launching in 2007, Take it away has helped almost 100,000 people access instruments, equipment and other support for making music. It also supports more than 100 independent music retailers across England and Northern Ireland and has helped generate more than £73 million in sales.
For customers, the principle is simple, rather than paying the full cost of an instrument upfront, Take it away allows them to spread the cost through a 0% interest loan.
All participating retailers can offer nine months’ interest-free finance on purchases between £100 and £2,500, while retailers with the appropriate FCA authorisation can offer additional options over longer periods.
Under the new partnership, Novuna will introduce more accessible terms for participating retailers, helping Take it away expand its network of independent music shops. Novuna’s technology can also tailor finance options to an applicant’s circumstances where appropriate, helping more customers find a payment option that is affordable for them.
The partnership builds on Novuna’s long-standing relationship with Creative United. Novuna already provides the finance behind Own Art, the scheme that helps people spread the cost of buying contemporary art while supporting galleries and artists.
The Take it away scheme is backed by funding from Arts Council England and the Arts Council of Northern Ireland.
Brian Flesk, head of retail at Novuna Consumer Finance, said: “We’re delighted to have been appointed as the credit provider for Take it away and to build on our long-standing relationship with Creative United.
“Music can play such an important part in people’s lives, whether that’s a child picking up their first instrument, to someone returning to music after many years. Take it away is a great example of how accessible finance can help make those moments possible, while also supporting the independent music retailers that provide the expertise, encouragement and advice musicians rely on.
“By introducing new finance options and terms designed to support the scheme’s growth, we’re looking forward to helping more retailers take part and giving more people the opportunity to make music.”
Mary-Alice Stack, chief executive of Creative United, said: “Everyone deserves to make music. Through Take it away we’re not just helping people gain access to musical instruments. We’re also recognising and supporting the valuable role of high street music shops in providing the specialist knowledge and support that people need to continue their development as musicians, whether on a professional or amateur basis.
“We’re delighted to be building on the strength of our long-standing partnership with Novuna as we move forward with our plans to expand and diversify our network of member retailers across England and Northern Ireland.”