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While forming a comprehensive theoretical interpretation of regional development, the issue of economic base as a system, which consists not only of economic entities, but also other elements affecting economic performance, comes to the forefront. On the condition that territorial budget revenues are evenly distributed, public goods are provided to municipalities and regions approximately in the same structure, quality and quantity. This is important for planning volumes of municipal needs, particularly investment needs, in the local and regional public sector. The paper aims to determine factors that influence drawing down of investment grants by small municipalities of the South Bohemian Region between 2013 and 2017, with the municipalities being classified into the authors' established size category of 500 - 4999 inhabitants. In order to assess grant drawdown, a specific ratio indicator of covering capital expenditures by investment transfers was selected, and the following factors and their effects were looked into: size of municipalities (given by population), their distance from the regional city of České Budějovice (Budweis) and their accessibility (peripheral municipalities), municipalities with historical character. To examine dependence, descriptive statistics was used, normality of data was assessed, and given the results obtained, non-parametric conformity-based tests were used as well. Based on the analysis conducted, the authors conclude that at a 5% significance level, dependence of the ratio indicator on the above factors was not proved in the specified category of municipalities. To identify other factors likely to influence the level of drawing down of investment grants by small municipalities, it will be necessary to carry out field research directly in selected municipalities. [ABSTRACT FROM AUTHOR]