Development Funding Strategies for Your Facility
Funding a new sports facility can seem daunting, especially if you have already considered or exhausted traditional methods. Asking friends and family for money is risky, and small business bank loans can come at a high price.
At Sports Facilities Advisory, we want to see each of our clients succeed, which is why we have compiled a list of four creative development funding strategies for you to consider.
Crowdfunding has become a huge tool used in the United States to fund everything from wedding planning to small business start-ups. Using several different online funding platforms, you can make a pitch to the masses in the hopes of having philanthropists worldwide donate to your cause, or offer payment for a piece of the pie, so to speak.
If you’re not looking for an investing partner in your facility, you can outline your development funding pitch with an offer for a prize in exchange for a contribution. For example, those who contribute more than $500, will be provided with a 6-month free membership, a t-shirt depicting your business logo, or other perks and benefits.
As with any financial transaction, be sure to read all the fine print, so you know exactly what you are getting, and giving when you create an account. Some platforms require that your goal is met for you to receive payment, while others will give you whatever is raised and take a small fee.
Government Grant Development Funding
There are tons of government grants for development funding available to Americans if you know where to look. From In-Kind Grants, which offers financing to non-profits building play areas and sports facilities for children, to those offered through the U.S. Small Business Administration, there is help available for those in need.
Depending on your state, or country, you will find that grants vary in value, and have different laws which govern their use. Be sure to apply early, as this form of funding can be quite competitive.
Believe it or not, there are several organizations throughout the United States which are willing to offer small amounts toward the development funding of businesses. Some, such as Accion, or Kiva, work by aiding new business owners, who may not have the means to get their vision off the ground, with access to anywhere from $100 to $5000.
The internet has opened doors to online lending as well, which is becoming increasingly popular for entrepreneurs in North America.
An angel investor is an individual or organization which invests in a business as it begins. These contributors will ask for a small stake of ownership in your company or income in return for their development funding assistance.
To achieve this investment loan, you will need to make a convincing pitch that shines a positive light on your sports facility concept.
For more information on development funding, and services offered by Sports Facilities Advisory, contact us today!