Community Bonds Help Secure New Home for Live Music
TORONTO, May 29, 2024 /CNW/ - Hugh's Room Live, the venerable music venue, has launched a campaign to raise $2.8 million dollars to help pay for its new home at 296 Broadview Avenue in Toronto. The Board of the charitable organization determined that securing its own venue was the only path to success and growth for Hugh's Room Live.
The $2.8 million will discharge the private mortgage debt the group took on in July 2023 to finance the purchase of a historic church in east end Toronto. Hugh's Room Live is raising up to $1.3 million of its goal via Community Bonds, which are a proven social finance tool that generate both a social and a financial return. By purchasing Hugh's Bonds, live music supporters and artists alike have been embracing the idea of supporting one of Toronto's most beloved music venues while earning a return on their investment.
With investment minimums as low as $1,000 and interest rates as high as 4%, Hugh's Bonds are designed to appeal to those who can invest a little and those who have more to put into Hugh's Room's future.
"We've intentionally introduced this series of bonds to make them accessible to a wide range of people who want to invest in the future of live music. Hugh's Bonds are asset-backed and offer a competitive return at the end of each year," said Brian Iler, Chair of the Board of Hugh's Room Live.
Investment Options |
||
Hugh's Bond B |
Hugh's Bond C |
Hugh's Bond D |
3% Annual Interest |
3.5% Annual Interest |
4% Annual Interest |
5 Year Term |
5 Year Term |
5 Year Term |
Minimum $1,000 |
Minimum $5,000 |
Minimum $25,000 |
Among Toronto's music venues, Hugh's Room Live has always stood apart – a much-loved intimate room where musicians know they'll have appreciative audiences, giving voice to Canadian and international artists. Over the years Hugh's Room has hosted thousands of emerging artists, rising stars, and iconic musicians from here at home and around the world.
Hugh's Room Live is the exception – where other music venues are closing, in spades, it is determined to prosper. Adopting a not-for-profit model and ownership, make the difference.
Since opening the doors at 296 Broadview Avenue last September, Hugh's Room Live has resumed its role as a dynamic force for live music, bringing positive energy to the Toronto music scene and our community. Proudly we have:
- Hosted over 100 shows
- Supported over 700 artists
- Enlisted 50+ active volunteers
- Received support from over 2,000 individuals
- Brought together 20,000+ music lovers
"With this network of support, people are stepping up in increasing numbers to demonstrate their commitment through the purchase of these bonds," said Hugh's Room Live's President, Jim Thomas.
For more information about Hugh's Bonds / visit https://hughsroomlive.com/community-bonds/.
Hugh's Room Live is a registered not-for-profit charitable organization dedicated to supporting the music community. Hugh's Room Live has been a registered charity since 2019 and your support is the essential element in ensuring our continued growth and support of our music community.
Charitable Registration #730001 8496 RR0001
SOURCE Hugh’s Room Live
Media Contact: Barbara Jesson, [email protected], P: 416 9663461
Share this article