PILOT PROJECT: REMOVAL OF MARINE LITTER FROM EUROPE'S FOUR REGIONAL SEAS
Toolkit: Marine litter retention, Funding for your projectMotivations for project sponsors | Applying for EU funding | Other funding options
Developing a strategy for securing the funding that your organisation and partners cannot provide internally will be a critical part of the preparation of your project. After preparing your initial budget (see the guidance in the section Project budget), you will be able to determine funding needs more precisely, including what can be provided by partner organisations, including through in-kind contributions, and what needs to be funded by an external source, such as a grant. A good funding strategy will consider all options for contribution to the project costs. For example, some potentially large costs, such as waste handling and treatment, can be provided through in-kind contribution by the waste management company as a project partner. We use the term ‘project sponsors’ for those contributing to your project by grant funding, corporate funding, in-kind or other.
The funding strategy will also depend very much on the project situation and the availability of grant programmes from EU, national, regional or local public funds, as well as options to attract funding from non-governmental sources such as foundations and private sector stakeholders.
Your funding strategy should answer the following questions:
- Who can potentially contribute? When thinking about who could contribute, consider who contributes to the problem (sources of marine litter), who could help to solve the problem and who has an interest in getting the problem solved. These three categories of organisations may be ready to fund.
- What external sources are available to meet the funding needs? What are their requirements in terms of specific costs/budget item eligibility, timing, etc.?
- What will be needed to develop funding proposals?
- What are the terms of the available funding sources – can any of them support the project over a longer period (e.g. more than one year)?
- Are there any options for securing private sector funding? For example, through financial support, in-kind support or revenue from recycling?
In one of the assessed projects, funding was provided by a total of nine national and local organisations. Industries, governments and non-profit organisations were included in the funding strategy. This broad range of sponsors was made possible through building strong relationships with current and future potential sponsors and the dissemination of 3-yearly and annual activity reports to keep sponsors updated on the project.