[Finance] Pursuing funding for a combined coliving + makerspace property

[shirley at velochicdesign.com]

What I’m going to say comes from experiences as a former co-ownership co-op board member (eight years), treasurer both at that co-op apartment building in Toronto and (later) the Red Mountain Makers space in Birmingham AL

Doing something like this has existing financial models that you need to follow for financial soundness. You need cash flow to ensure that the bills are paid, and as soon as possible, develop some sort of float reserve in the bank to even out cash flows for when bad things happen and you lose members, or when you need to plan for growth.

Look to condominium and/or co-operative governance, art studio/technical studio models, religious community/community institutions for existing financial models that can be adapted to this use case.
The longer answer need to be specific to your country/state or province/region/city laws and govnernance.
The financial soundness is important because nothing is sustainable in the long term unless there is a cash flow. 

Recommend that you look to have at least one person on your initial board with condo/community institution background, one person with a local real estate law background, one person with local marketing experience, one with fundraising experience, and one with connections in your local government, especially if your community is going to be an edge case for what they dealt with before. Having people who are familiar with the way things “need to be done” to get through your local regulatory environment is extremely important when you are introducing something new. 

Shirley Hicks
-----------------------------------------------
Email: shirley at velochicdesign.com <mailto:shirley at velochicdesign.comTH>
Cell: 205-503-3870

www.velochicdesign.com

> On Oct 7, 2020, at 2:44 PM, Sparr <sparr0 at gmail.com> wrote:
> 
> On Wed, Oct 7, 2020 at 12:05 PM Jeff Cotten <omegix at gmail.com <mailto:omegix at gmail.com>> wrote:
> Holy crap.  It's been so long since I've seen anything but spam on this list I almost didn't see this :)
> 
> Thanks for keeping an eye out! I don't see the spam in the archives, so I guess it's doing a good job of filtering on that end.
>  
> I don't have any insight into lenders, grant programs, etc, but I bet this contact would:
> https://www.nationofmakers.us/ <https://www.nationofmakers.us/>
> 
> Just a heads up, they will want you to join that organization, but if you meet with her over video chat she'll explain that there is a pay-what-you-can system available.
> I did this with her once and I came away with the impression that she had a lot of contacts in the makerspace arena, and probably knows who the potential investors are.  
> I believe she said that NationOfMakers came out of an Obama administration initiative to prop up STEM education.  
> 
> I will reach out to her. Thank you!
>  
> I'm excited for your initiative.  It makes me want to sell my house and move to Portland.
> 
> If you decide to go that route, we'd love to have you! Especially if you want to take some of the proceeds of the sale and invest them ;)
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