sponsorship vs patronage vs philantropy

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Senior Member
Good morning all,

I'm currently trying to translate a document from French to English.

It's an annual festival of contemporary music, and they're sending an application with a renowned German company, so that they help financing the festival. (they had another "sponsor" before but they've stopped contributing for some reason).

The word I'm looking for would have the following definition "the fact for a commercial company of giving subsidies to help a creator or an artistic institution".

I thought of sponsorship but is it appropriate?
I wonder if there's a more specifc word as regards the artistic field.
I've seen "patronage of the arts" but I find it a bit long and pompous or less technical enough for what is, after all, only a business deal of some sort.
I've also seen (cultural) philantropy....for what it's worth(?)

If possible, I'll also have to use that word to define the person -- among the festival staff -- who's specifically in charge of that i.e. communication with the "sponsor".

What would you native say?

Any help appreciated
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