Sustained Funding for Economic Development
Sustained funding for economic development can be challenging. Learn how to secure it with NCDS' expert guidance.
The compelling aspect of a five-year funding initiative is that investors provide larger financial commitments to assure accomplishment of specific goals. Troubling to some CEO’s, however, is that the payments committed for five years will one day come to an end, while more challenges remain.
To simply state the obvious dilemma: What is to be done when the money runs out? A better question is: What should be done before the money runs out?
To answer that question let’s look at what veteran NCDS client CEO’s recommend when it’s time to consider if and how to challenge investors to provide another round of major funding.
When successor five-year funding programs have failed to generate support to warrant a well organized campaign to acquire fresh funding, it’s usually because the wise counsel above has not been heeded.
If the program has come to be viewed as “just another income stream” for the organization, investors will choose to put their scarce resources toward more urgent, well defined community needs. If the peer community leaders who first initiated the program have faded from visible, active ownership of the program, investors won’t feel confident about underwriting a new initiative.
In contrast, increased funding will be available if compelling needs are identified with the input of major investors. These investors are not interested in simply maintaining “civic overhead,” but they will step up with larger investments if their dollars are seen as making a significant difference in their marketplace.
And, as always, success will depend on who is providing leadership and endorsement of the next bold initiative being proposed.
Looking for a best practice example? Sioux Falls, SD has conducted seven consecutive campaigns, each time raising more money. Visit www.forwardsiouxfalls.com to learn more.
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The NCDS Team
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