AUSTIN (KXAN) — With the 50th anniversary on the horizon, The Hole in the Wall, an Austin bar, received a new grant to keep the music playing for 20 more years.

The club on Guadalupe Street near Dean Keeton Street received $1.6 million through the Iconic Venue Fund and the Austin Economic Development Corporation (AEDC).

Before this grant, owners noted how The Hole in the Wall had been at risk of closing.

“The Drag” along the University of Texas has seen a lot of turnover and change, due in no small part to rising rent.

The Hole in the Wall owner Will Tanner said spots like this help preserve the soul of Austin.

“I think that’s important, just to have a culture where people can have a place to play, that where you know it sounds good, and there are friendly folks there. And I think that really, there’s evidence that a lot of artists came out of here and went on to do great things,” Tanner said.

The AEDC chose 14 projects out of nearly 50 that requested funds to look into giving awards —some were still waiting for approval from Austin City Council.