Duplicate of 8 Ways to Fund a Project
Project funding options are; grants, partnerships, borrowing money, investors, donations, crowd funding, growing revenue and conserving cash, and selling up.
The guide '8 Ways to Fund a Project' aims to introduce different ways to raise funds for a project. It was released in April, 2018 and is part of RDA Tasmania's service to connect investment opportunities with potential investors.
One of the most common questions asked of RDA Tasmania is when will the next grant be released? Whilst grants play an important role, there are alternatives to grants that can also help get a project funded.
8 Ways to Fund a Project
A grant is a sum of money given by a government or other organisation for a particular purpose.
Partnerships can help manage costs by sharing buildings, equipment, expertise and workloads.
Borrowing money can be an option if your project can repay the loan.
Investors are looking for opportunities to put their funds into, providing this private equity returns a profit.
People like to show support for a good cause by giving a donation.
Crowd funding uses the internet to connect with potential funders.
Growing revenue and conserving cash are effective ways to improve a bank balance.
Selling up might sound drastic, but when the time is right sometimes it is better to let go of a project and allow someone else to take control.
There is no right or wrong way to fund a project and success might be found with just one approach or a combination of the eight ways to fund a project. Looking at different ways of funding encourages projects to behave like businesses and to think creatively about how to use available resources. When a project takes a broad approach to funding it can give them greater awareness and control of their finances.
To download a copy of the guide 8 Ways to Fund a Project, click here.
The role of RDA Tasmania
RDA Tasmania are not financial advisers and, by way as a disclaimer, do not take responsibility for decisions made using this guide. What we do have is years of experience working with project proponents who often begin with nothing and finish with a funded project.
We have staff located in Burnie, Hobart and Launceston and regularly help organisations and community groups with funding submissions and grant applications at no cost. Contact information can be found in the staff section of this website.