Private Lender Comes to Aid of O.C. Symphony : Finances: The orchestra averts an unexpected cash-flow problem after the Garden Grove City Council delays grants to three arts groups .
The Orange County Symphony of Garden Grove has sidestepped a potential cash-flow crisis by arranging a loan to replace city funds that were unexpectedly held up last week by the City Council.
The council last week delayed arts grants totaling $43,000 to three Garden Grove groups, asking for annual operating budgets and other financial records.
Orchestra officials got a commercial loan from a private individual (who requested anonymity), which allowed them to meet payments of $10,700 to company musicians and guest artists for performances earlier this season, said orchestra board secretary Dick Hain.
The loan will be repaid upon receipt of the $14,442 expected from the city, which is expected to be awarded at the council’s Oct. 20 meeting, Hain said. Other groups awaiting city funds are the Garden Grove Community Theatre and GroveShakespeare.
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