Lincoln Drill Hall has been awarded a £160,000 grant to help secure its future over the next four years, but it still needs another £49,000 to stay open.
The city centre venue will be given the first £60,000 later this year, and the rest of the money will be spread out over the next three years.
It was given the money by one of the largest independent grant-makers in the country Esmée Fairbairn Foundation.
Each year the Drill Hall needs to raise £130,000 to stay open after a series of reductions in public funding.
Chief executive of the Drill Hall, Chris Kirkwood said: “This is an absolute game-changer for us. That one of the country’s biggest arts funders wants to help is absolutely fantastic and it will go a long way to ensuring we’ll be here for years to come.
“This money buys us the time to explore new partnerships with stakeholders and new opportunities which would mean we’d no longer be facing the constant threat of closure.”
“Over a number of years, we’ve been getting less and less public funding so we’re more reliant on donations than ever before just to stay open. Now, we’re in a much better position so we now need to use this chance to secure the long-term partnerships we need to secure our future.”
Lincoln Drill Hall still needs to raise another £49,070 this year and hopes to do so through their ‘Be a Brick’ campaign.
More than £20,000 has been raised through the fundraiser, with many choosing to dedicate bricks to family members who have died.
Alison Holdom from Esmée Fairbairn Foundation said: “We believe that culture can bring communities together, and are delighted to support Lincoln Arts Trust’s plans to help this vital venue to thrive in future.
“We want our funding to encourage others in Lincoln to work more closely with the venue, so that the Drill Hall continues as the heart of the community for many years to come.”