What is Funding?

Without the funds (money) to pay for your project, it will remain just a good idea. Even with all the best intentions, sometimes great projects, community groups and even businesses fail because of a lack of financial support to get the idea off the ground or later sustain it.

There are lots of charities, government departments and organisations who can offer projects like yours financial support.

There are normally two types of funding that you can bid for – capital funding and revenue funding.

Capital funding is for major projects; such as renovating a building, improving the road layout or even building a new school. Revenue funding is for helping with running costs; such as activities.

Funding streams
You might be surprised how many funding streams are available and how easily they can be accessed. There will, however, always be conditions set on how the money can be used and some funding streams are more prescriptive than others.

The main funding streams are grants, award schemes, loans and crowdfunding.

Grants
These sums of money are provided for a specific purpose. You will normally have to meet a strict set of criteria for your project to be eligible.  But there are some very good specific grants on offer for things like clean-ups and crime prevention projects.

Award schemes
These require each application to be presented to a panel of judges and the final award is offered to the group or organisation that needs financial assistance the most.

Loans
These are provided by banks and some organisations. A loan needs to be paid back, but can be useful if you require money upfront to help launch your project. There are usually fewer conditions on how this money can be used.

Crowdfunding
This is a way of raising finance by asking a large number of people each for a small amount of money. Until recently, financing a business, project or venture involved asking a few people for large sums of money. Crowdfunding switches this idea around, using the internet to talk to thousands of potential funders. Typically, those seeking funds will set up a profile of their project on a website such as Spacehive. They can then use social media, alongside traditional networks of friends, family and work acquaintances, to raise money.

Where to find funding 
We have done some of the leg work for you and listed a number of the country’s top funders on our Ealing 4 Fundraising pages.

The application process 
The application process for each funding stream is different; you may need to write a letter, complete an application form or make a presentation. If you want your application to be successful, you need to describe the project clearly and have a fundraising strategy.

Equalities 
You will also need to provide the funder with equality information, as most funders want their money to be spent to benefit as many people from across communities as possible. The information required is usually on disability, ethnic background, religion or belief.

Key data and information about the London borough of Ealing to help you understand your local community and know your audience can be found on Ealing Data.​ ​ It is an information sharing, mapping and reporting website that can be used by anyone, including local government, community and voluntary sector organisations, businesses, students and the public.

Resources
There are a number of resources available to help you with the application process, here are just a couple.

Funding guidance from the Big Lottery Fund
http://www.biglotteryfund.org.uk/funding/funding-guidance/applying-for-funding

Funding guidance from Sport England
https://www.sportengland.org/how-we-can-help/our-funds

Funding guidance from NCVO
https://www.ncvo.org.uk/practical-support/information/funding.

Need further help or have a Question?

If you want to find out more or have an idea you would like to put forward then get in touch

Email us

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