Funding is likely to come from local sources or external sources including central government and lottery. It is unlikely that you will receive sufficient funding for an entire project from one source alone. The larger the project and required funding the more likely you will have to adopt a partnership approach to funding. Match-funding is a frequent requirement. It will also be expected that your local authority will be a contributor.
Obviously the purpose of the funding will determine the most appropriate funding source. It is likely that external sources of funding, especially central Government funding will be worth pursuing for capital projects. National Lottery Funding may also be a source of capital funding. Services to the community projects may attract local or other external funding.
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The importance of matching the objectives of the funding source with your project cannot be overstated. It is unlikely that a funding agency will support you if they cannot easily identify how supporting your project will help them achieve their strategic objectives. Do not be tempted to modify your projects objectives to ‘fit’ with the funding agency. If you do, you increase the risk of your project becoming at odds with your community and council’s strategies which may possibly weaken any funding bids you may make in the future.
You should also be aware that many funding sources are employing increasingly rigorous evaluation and reporting mechanisms. It is imperative therefore that you adhere to the approved project aims throughout the life of the project.
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