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Motorhead frontman Lemmy is one huge step closer to returning to his favorite watering hole again -- his life-sized bronze monument is now fully funded.

TMZ spoke to artist Travis Moore who says he's already started work on the tribute that's going up at the Rainbow Bar & Grill in West Hollywood. Travis, a die hard Lemmy fan, agreed to waive his artist fee -- but a crowdfunding page was started to pay for materials.

As of Wednesday, they've got $20k!

On Wednesday, Travis started assembling an 18-inch clay miniature which will be used to model the final 6 foot tall sculpture.

And here's a bonus for all crowdfunding donors -- the owner of the Rainbow tells us their names will be plastered in the club, right behind bronzed Lemmy. They're aiming for a May unveiling.