Founded in 1897, The Brooklyn Conservatory of Music has over the past 30 years extended its music education and promotion to more and more communities of New York City, including over 4,000 underserved students and over 1,500 special needs children and adults. In April, Leviticus closed a $113,829 loan to the Conservatory, refinancing an existing loan at more favorable terms so that the institution has more funds available to direct to music programs and increase wages for its staff.
In 1988, in the wake of severe cuts to New York City public school funding, the Conservatory took it upon itself to fill the void in arts programming and ensure that students in high-poverty districts did not lose access to free music classes. In 2003, it launched its Music Therapy program to provide the same assurance to special needs students of all ages. These programs have established the Conservatory as a true school of music for all New Yorkers, regardless of age, income, or ethnicity.
While we have not partnered with many arts-based organizations as a lender, we recognized that the Conservatory provides services and enrichment to otherwise underserved populations in ways that fully align with our mission and goals. By meeting the debt refinancing need for the Conservatory, we will save the nonprofit on average $38,000 annually, all of which it can recycle into sustaining and enhancing its operations and supporting and retaining its own staff.