How to win a grant
Grants are notoriously competitive and bureaucratic. So how do
you go about getting your hands on one?
How to apply for a grant
- Read the criteria very carefully. Too many
business owners have wasted time applying for schemes they're not
actually eligible for.
- You normally have an application form to fill out.
Get it from the provider. You may be able to download it online or
get one from your local Business Link advisor.
- The form is your one shot at proving your project is in
line with the grant provider's aims.
- You need to give a detailed project description.
Make sure it proves you meet every single one of the objectives
they're looking for.
- Think outside the box when describing how you meet objectives.
The grant might allow you to take on two new members of staff, thus
fulfilling an objective of securing jobs, but remember to mention
the five existing members of your staff that it'll help you keep.
That way you've secured seven jobs, not just two.
- At least one objective will be focussed on your project
providing an environmental, social or economic
benefit. It's essential that you can prove you'll create
this.
- Research the awarding body to understand its aims.
If you're applying to the Carbon Trust, you'll obviously want to
focus much more on the environmental benefits of your project than
if you were applying to the Department of Business, Innovation and
Skills.
- Describe the relevant experience of you and your
team.
Provide an in-depth work-plan, with full costings.
Again, make sure these meet the scheme's criteria (and that you can
manage them without overstretching your business).
- You may need to hand over your business plan.
Tailor it to make it most in-line with what the scheme is looking
for.
- Knowing how much to write and what kind of detail they're
looking for is a challenge. You'd be very wise to talk to the
provider about how much detail to put in and what additional
documents they might like to see supporting your application
(such as sales forecasts, business plan, evidence of why you need
the money and so on.)
- Read through everything and have a list of questions ready when
you call the provider, rather than contacting the provider every
time another issue comes up, so you look more organised.
Keeping in touch with the provider will also get your name known
and prove you really want it.
- It's imperative that you're able to fulfil the targets you say
you can. The grant can be withdrawn and you may have to pay it back
if you don't produce the promised results.
Submitting your grant application
- Go through your application with any relevant
advisor you can get your hands on before submitting it. Try
your local Business Link and local enterprise hub.
- Send the application in early if you can. Some
schemes work on a first come first served basis.
- Never miss a deadline. You won't be
considered.
- Send the application in a way that invites feedback
rather than as a completed document. Send a covering letter
saying you want to apply but suspect there's some bits you've
missed, or that you'd like guidance on a certain section. Providing
you're polite and demonstrate how much you want it they'll help you
out.
- Don't expect immediate results once got the final
draft of your application in. The provider could anything from a
few weeks to a year to go through all the applications (make sure
you ask how long this process will take before applying to ensure
your project can withstand the delay). Local applications are
usually processed most quickly.
- You may well be asked for clarification on a couple of
points or additional information before receiving a final
answer.
How your application is assessed
- Awarding bodies look at how significantly a project meets
the criteria, particularly the need for some economic,
social or environmental benefit.
- All statements must be grounded in fact and reason.
Pie-in-the-sky promises will be frowned on.
- All information must be up-to-date.
- They like to see innovation.
- They bear in mind how much a business needs the
grant.
- Team expertise is important.
- Remember most grants are highly competitive.
- Ask for feedback if you get rejected.
Using a grant consultant
- Using a grant consultant saves you loads of time
and can help better secure your chance of winning.
- They can identify schemes you're eligible for or
recommend further schemes you don't know about.
- Most consultants won't get involved unless the grant is
at least £20,000.
- They usually work on a commission basis of 10% or
more, which takes a pretty significant chunk out of the
money you win. Make sure you have enough in the bank to supplement
this if you use one.
- They will also typically only go for grants that have
been around for some time, so they're familiar with the
scheme.
- They're best for very large grants, or when you're
very pushed for time, or for very competitive schemes.
- If you want to use a consultant, make sure they have
significant experience working with small businesses in your
sector and have had success applying for the type of scheme
you're going for. Look at testimonials and track record. There are
more than a few 'consultants' out there who are not far off being
scam artists.
- Have a consultation with them before committing to
ensure you get along.
- Check out the free help on offer at your local enterprise
hub, from the grant provider and your local Business Link
advisor before committing to using a consultant, to assess whether
or not you need one.
Checklist
Make sure your application:
- Is for work that hasn't been started yet (this is almost always
a condition of a grant) and that your project can wait until you
get a 'yes' from the provider.
- Is submitted within deadline.
- Meets all the necessary criteria and explains how fully.
- Contains up-to-date and fact-based information, not
pie-in-the-sky promises.
- Explains why you need the money.
- Provides full costings and project plans.
- Shows you have match funding in place.
- Contains any additional documents needed.
Resources
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