A business grant provides support for a particular project or purpose. It often covers only part of the cost, with the business arranging the balance.
Eligibility may depend on the activity, location, sector or size of the business. Support can also take the form of advice or training rather than a cash payment. Availability and conditions change, so assess the opportunity that is open now.
Check the fit before applying
Read the funder’s objectives and eligibility conditions carefully. A strong proposal for the wrong funding programme is still unlikely to succeed.
Establish whether you need approval before starting the project or committing expenditure. Check the contribution required from your business and how you will demonstrate that the money is available.
Conditions can continue after an award, and failure to meet them may lead to repayment. Understand those obligations before treating the grant as part of your funding plan.
Build an evidence-based application
Bring together five useful elements:
- A clear description of the proposed project.
- An explanation of the benefits it should produce.
- A realistic work plan with full costings.
- Relevant experience of the people responsible for delivery.
- Complete application forms and supporting information.
Explain how the project moves from an idea to practical results. Where the funder is looking for benefits to an industry or community, make those benefits clear.
Avoid common weaknesses
Applications can fall short because the proposal is outside the programme’s purpose, the evidence is thin or the workload is unrealistic. Out-of-date information and uncertainty about matching funds can also undermine the case.
Explain why the funding matters and what part it plays in making the project possible. Do not assume the reviewer already understands your business.
Allow for the decision process
The time needed for a decision varies. Keep the application timetable separate from assumptions about when you can spend the money.
If an application is rejected, ask for feedback and use it to improve a later proposal. We can help you review the financial plan and the information needed, without assuming that an award is guaranteed.
For help assessing a current opportunity, contact us.