Musicians in England could hit a jackpot if they apply to a new fund which offers thousands of pounds to develop the careers of new artists.
The Momentum Music Fund will award grants of £5,000-£15,000 ($7600-22,800) to up to 75 new artists over the next two years to help them record a debut album, buy new instruments or fund a large tour, according to NME.
Money will only be awarded to artists who are established in their local music scene and provide a clear business plan which proves they will benefit from the investment. Bands don't have to be the one to apply to the fund - their label, manager or any other music industry professional can make the application on their behalf. Which is probably for the best, since musicians are usually better at focusing on music rather than boring old paperwork.
Speaking at the Great Escape festival and conference at the weekend, Vanessa Reed who is Executive Director of the PRS for Music Foundation who announced the award said: "Momentum is a breakthrough moment for music in England, where it's now harder than in many other parts of the world for talented artists to access finance."
She continued: "It's entirely fitting that today's announcement is being made at The Great Escape where we're surrounded by exactly the kind of artists and bands that this fund is designed for. I hope that many of them will enter the application process and use this opportunity to drive their career to the next level."
Have you heard of a similar music fund in the US to support musicians? Will any of our English readers apply for the new fund? Let us know in the comments.