The Beginner’s Guide To Development Funding
For facility developers, development funding is often the biggest obstacle to their projects. This is especially true of those developing community centers on a city or town budget, which can often mean you are funding your project with scraps. There isn’t a more stressful aspect of developing a facility than development funding.
Similarly, there isn’t a more confusing aspect of developing a facility than the funding process. In today’s post, Sports Facilities Advisory will take a look at the process and provide readers with a beginner’s guide to development funding.
What Is Development Funding?
In short terms, development funding is financial capital that is given to an organization specifically for a new project. Commonly, these projects can include, real estate, businesses, and community and public works projects like parks and community centers. Often times, this type of funding will come through a grant, but it can also come from taxes approved by the town or city where the project will be implemented.
This type of funding typically comes from banks and other private entities, although there are some businesses who offer it. For project developers, this can be the sole source of funding, specifically for public works project with local government backing. However, for many, it is only a chunk of their funding and one contributor to their campaign.
How Do You Get Development Funding?
Again, this will depend on the type of project you are proposing. For a community center being built to serve the area, getting help from the local government and the people of the town will be easier. With other facilities, like a single-sport facility, getting approved for development funding might be more difficult.
Either way, it will require that you and your team put together a proposal and plan to present to potential funding sources. For community projects, this can look like presenting a proposal to your local government. For other projects, this will likely include pitching your idea and plan to private business entities that provide development funding and will more closely resemble an investor’s pitch.
Why Is This Type Of Funding Is Important?
Raising money is possible for many projects, but for a bigger project like a community center or recreation center, you will have a difficult time raising the money on your own. Finding someone with resources to partner with you will be key in your ability to raise up the proper funds for your project.
Contact SFA For Answers On Your Funding Questions
Funding your project can be both stressful and confusing. At SFA, we want to help by providing you with guidance as you navigate potential development funding options. For more information, give us a call at (727) 483-7910 or contact us online.
