- It's important not to let lack of funding stop you from doing anything. If you have an idea, start as soon as possible with what resources you already have!
What can you apply for?
- Business start up, growth and development
- International trade
- Research and development
- Creative development
- Capital purchases
- 'Go and see' (research trips etc)
- First point of call is usually the bank
- Creative SME's have an advantage (Small/Medium enterprises)
- Bank finance - you will always have to pay back more (which you could potentially negotiate). They will always ask for some sort of security
- Arts Council - Grants For The Arts (G4A)
- Creative Industry Finance - web/game/fashion design. Is a loan scheme so does cost but is considerably lower than banks/more commercial businesses
G4A:
- Can submit applications any time of the year
- £1000 is the minimum you can apply for. £100,000 is the maximum.
- Minimum match funding required is around 10% - higher for larger applications
- The time it takes to hear back from them depends on the project/how much you have applied for.
TRUSTS:
- Set up by an individual or private organisation and the money is only to be used for the aims of the trust
- Examples: The Elephant Trust, Prince's Trust, Queen Elizabeth Scholarship Trust, Calouste Gulenkian Foundation, Esmee Fairbairn Foundation, The Paul Hamlyn Foundation
VENTURE CAPITAL:
- Dragon's Den type of funding
- Hard to get because it is very risky for the venture capitalist.
- Will often give you good business advice as it is in their interest to get their money back
ANGELS:
- Similar to venture capital, but less demanding about business return.
CROWD FUNDING:
- Usually less successful in reaching target
- Examples would be Kickstarter or GoFundMe
- 'Backers' can choose how much they donate, usually they get something in return depending on this. For example, £5 could get them a free coupon etc.
There are also:
- Commissions, residency, business support schemes
- Community Chest - local authorities stash of money which is biddable. After recent cuts most places don't have one any more though.
- Yorkshire Visual Arts Network - mini grants of up to £500
WHEN APPLYING FOR FUNDING REMEMBER:
- Many grants don't support artists in their first year after graduating
- Consider how your project fits with the criteria of the trust - write down specifically how it does or does not do this
- Factor in how much your time is worth per day - most grants/funding will allow you to factor in your time, research, travel, revenue and assistance
- Budgeting includes income AND expendature
- If you have more than one idea for a project, apply for all of them - they are likely to give you funding for one of them
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