Funding is something that needs to be thought about right from the start. All time banks need some funding to pay the general running costs. At the very least, funding will be required for stationery, telephone bills, postage, printing, and insurance. The majority of time banks have a paid Time Broker or Project Manager, so salary costs are incurred. In most cases, funding is also required to cover the costs of rent, utilities and office equipment.

Whilst most time banks have found it relatively easy to get funding for the first three years, in many cases difficulties have been experienced in getting funding to continue the time bank beyond this point. For this reason, it is very important to:

• Firstly, try to keep costs to a minimum right from the start
• Secondly, plan ahead so that funding bids are submitted well ahead of the end of the first funding period.

and

• Thirdly, all time banks should have insurance to cover their staff and participants. As a very minimum, Time Banks UK recommend public and employee liability cover, but it is best to also take out a group accident policy. Time Banks UK is not allowed to recommend any particular insurance company. Most time banks insure with Zurich Municipal. You can contact their office on 08456 023896 or email [email protected] We also suggest that you contact your local CVS or NCVO, or talk to other time banks and see how they cover this area.

The most frequent sources of funding are government initiatives, local authorities and funding trusts. Most organisations in the voluntary sector, along with time banks, are competing for the same sources of funding, so it is worth looking at areas that are not so readily tapped.

• Look for local business sponsorship. If you get 20 local businesses to sponsor you for �500, you receive �10,000 � certainly worth a try.
• Look for payment in kind - free premises or a hot desk in someone else�s office.
• Ask for freebees in exchange for publicity � computers, printing, office furniture. You will be amazed at what you can get for free if you are bold enough to ask.

Plan an exit policy. From the start of the time bank, encourage participants to play an active role in running it and train them in as many aspects of the role of the Time Broker as possible, so that if funding runs out for a paid worker, the time bank will not fold.