Top Tips for Grant Applications

1. Research the Grants available to you

You cannot apply for a grant if you are unaware of its existence! Grants are constantly being introduced and you should keep yourself up to date with what’s available.

 

2. Talk to the Awarding Body before you apply

Make personal contact with an individual responsible for administering the scheme. This has a number of advantages. You will be given advice on whether it is worth while your applying, before you start spending time and money on making the application; you may get some help and advice on completing the application form; you may get an "insight" into how you should shape your application and, finally, as in any business situation it is helpful if you can strike a good personal relationship.

 

3. Don’t jump ahead

If you start a project and then apply for a grant to help complete it, your application will certainly fail. The awarding body will take the view that by starting the project without a grant you must have had sufficient funds to complete it without assistance. Grants are only given for projects, which need them in order to go ahead.

 

4. Make sure your application is in respect of a Project

Usually, grants are given for specific projects, make sure your application emphasises your Project, and not the equipment used to run it. State the advantages of the Project's success (for example, it will safeguard or create jobs) and explain that the purchase of the equipment is a pre-requisite for that success.

 

5. Apply as soon as possible

The chances of a successful application are always highest just after a scheme is launched, and is when the money available is at a premium .It is also when those administering the scheme are keenest to get applications in and grants awarded. This is why it is important to keep your finger on the pulse of new launches and get in early!

 

6. Write your application proposal to match the Awarding Body's objectives

 Make sure you mention on application, the benefits that your project will bring, and try to make sure the benefits fit in with the objectives of the awarding body and the grant scheme itself. If there are benefits to others, such as the local community, or the country in the form of potential exports, make sure these are included.

 

7. Grants may be available for more than one area of your business

 By looking at all areas of your business, and by asking yourself a few simple questions like:  Will you create employment opportunities? Will your staff need retraining? Could you use help in marketing? Are larger premises required? Will the project create export potential? Can you develop the project in a depressed or "special area"? You may find you could be eligible for several grants.

 

8. Have a Business Plan.

Nearly all grant applications require the submission of a Business Plan. You may have one already written, perhaps to raise bank finance. Make sure your plan is up to date to emphasise the project and its importance to your company.

 

9. Demonstrate that you cannot proceed without a Grant

It is important to show your business is dependent on grant funds in order that it proceeds. Those who issue the grant awards are spending public money, and therefore have a duty to ensure it is spent in the public interest. 

 

10. Make sure you have matching funds available

It is extremely rare for a grant to finance 100% of the costs of any project. Typically nowadays a grant will contribute 15% – 50% of the total finance required. You will be expected to match the donation with your own money. The awarding body will need to be absolutely convinced that you have, or can raise from other sources, the finance to match the award. This will also give them the confidence of your commitment to your business.

 

By Martin Huckle