Applying for grants
Each year, government agencies distribute millions of dollars in grants to eligible businesses. However, securing funding is not easy - successful grant applications are backed by detailed research and solid preparation. While there is no magic formula for grant applications, some basic issues you need to consider are outlined below.
Making a commitment
You need to work out if your business has enough time and resources to make a serious application. Researching, planning and writing an application requires significant work. Think carefully about how much time you have before you apply.
Most funding programs require you to match the funding with some of your own money. Make sure you have resources available for your specific purpose and don't start any work before your funding is confirmed.
All funding programs have guidelines. These include the program's objectives, eligibility criteria, amounts of funding available, required supporting material and closing dates. Get a copy of the guidelines well in advance of the due date and, most importantly, follow them exactly.
Writing your application
Most grant applications require:
- a description of your business, and possibly a business plan
- a detailed project description, including aims and objectives
- a detailed plan on how you will use the money
- details of your experience and skills, and also those of key personnel
- completed application forms.
Remember to submit your application before the deadline - late applications are rarely considered.