5.1 Raising Money
Strategies for Successful Grant Writing (Erika Gentry)
Methods of Crowd Funding
1. Keeping the for-profit and nonprofit models in mind, name three options for seeking funding or models for investment that you are considering.
2. Many artists face difficulty in obtaining conventional loans because of variable income and lack of collateral. Even if an artists' income is high, it may vary significantly throughout the year, making them a “volatile” loan prospect. If you face these types of challenges, how can you make yourself more bankable?
3. Are there ways to even out your income stream over the course of the year?
4. What collateral do you have that could be used to secure a loan? Do you have assets (such as an automobile, a home or business space) that would offset risk for the lending institution making the loan?
5. Do you know your credit score? How will it affect your ability to obtain funding in the future?
6. Write down three strategies for how you might improve your credit score in the coming year.
7. How much ownership of your business would you be willing to give away for startup funds? Investors typically choose a great idea, and more importantly one that is well managed in exchange for a portion of ownership and subsequent profits.
8. Where in your community can you find out about additional information regarding grants or other special funding programs for artists?
Creative Compass Guide to Funding
GrantSpace.org: A service of Candid. (results for "artist")
NYFA Source (New York Foundation for the Arts)
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