How To Get Funding For A Community Project
Posted on: 4 March 2019
Community projects are a great way to socialize, build connections with your community, and improve your environment. But where does a community project get funding? The answer is a little from everywhere. Here's what you need to know.
Start With a Plan
A community project needs a comprehensive plan, organized like a business plan. This plan has to outline all of the costs of the community project, the potential risks, and the step-by-step process of developing the project. Ideally, a timeline should be completed regarding when the project will be done, and there should be a study regarding the benefits of the community project as well. You should be able to give someone a packet of information that covers all aspects of this project from start to finish.
Look at Government Grants
There are many grants available for small community projects as long as you can submit your plan to them. Grants usually have cut off dates, and they can take a long time to fund. You'll also need to properly structure your community project first, usually as a nonprofit. You can contact your local small business association to find out more about potential government grants and opportunities.
Reach Out to Your Community
Fundraisers are a great way to get money from a community project directly from those who would benefit from it. You can reach out through fundraisers, go door to door, or connect with other community organizers. Understandably, there's a lot of accountability when it comes to collecting public funds this way, so you will need to be incorporated as a nonprofit and make sure that someone is taking care of your books.
Look for Investors
Local business owners may also want to fund your project, especially if it's something that could benefit them. If your project improves property values, brings more people into the community, or increases security, small business owners may be more willing to participate. Ask them for their sponsorship in exchange for putting their name on a plaque or in a publication. Many investors will see this as a type of investment—and if you're a 501(3)c, it'll be tax-deductible.
Nonprofit management services can help you organize your community project, identify pathways towards funding, and manage your income and expenses. While it may take a little while to initially get your community project off the ground, the process will get easier over time. In time, you can even become a community leader.
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