Funding models for distance and online learning are in a state of flux even at some established institutions. A funding model might be instituted at the launch of distance and online learning programs and be quite effective in providing support and investment of new programs--only to be modified over time and under new administrative management or leadership. As with any business, funding models need to accommodate three types of activities: venture capital/start-up funding, operational funding, and research and development funding for growth. This article discusses the basic funding models for each phase of the business of providing eLearning services. The author also identifies several variables impacting funding models for distance and online learning.