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Starting grant applications can be intimidating, especially when you know that it could change the trajectory of your business.
Not sure where to start? Don’t worry. In this article, we’ll walk you through the basics of grant writing and how you can improve your chances of securing funding to help you start, grow, or expand your business.
Key Takeaways
Chances are, you’ve already seen that most grant writing tips found online are tailored for non-profits. This is due to the abundance of funding opportunities for the non-profit sector.
As non-profits focus on societal and community-driven causes, the sector attracts more funding with governments and private entities working towards creating a positive social impact.
Funding opportunities for businesses can be hard to come by if you don’t know where to look. Unlike non-profits, grant funding for businesses is often tied to economic progress, research & innovation, or job creation.
With limited funding and numerous businesses vying for a non-repayable grant, this can make the application process extremely competitive.
Remember: with grants, being eligible will not automatically mean you’re entitled to funding. So, how can you make sure you stand out?
Before we dive into the specifics of grant writing, let’s first go over the fundamentals.
It’s important to note at this point that there is no hard and fast rule for grant writing. Formats, requirements, and instructions vary from funder to funder. However, there are key steps that will apply no matter what grant you’re writing.
The key to effective grant writing and application is research. You can plan out your approach better if you have a full understanding of what the funding program wants from you.
You can determine how in-depth your research would be. Depending on what funding program you’re interested in, program resources are always available online. The key resources you should start with when writing a grant application include:
To build a solid foundation for your application, we have a set of tried-and-tested guide questions to help you with your research:
Now that you’ve laid out the foundation of your application through research, it’s time to start planning.
At this point, you’ve probably already discovered that you need to meet several documentary requirements for an application. Application requirements can range from a simple business overview to full-blown business plans, financial statements, and project timelines.
These requirements are why we always recommend that you bring in a team to work on an application. Depending on its complexity, handling the entire grant writing and application process while running a business might get overwhelming.
Your team members are already familiar with key aspects of your business that can help with your application. Need to prepare accurate financial statements? Your finance team might be able to help. Need to improve your business plan? We bet your operations team has a few ideas.
Knowing how and to whom to delegate these tasks can help your grant writing process run more efficiently.
With all the preparatory steps covered, we can now move on to writing. Based on your initial research, it will now be easier for you to determine what kind of approach you need in writing grant applications.
Previously, we recommended that you look into the funding entity. Specifically, you need to determine what their goals are through this funding.
With non-profits, it’s easier to identify as they usually align with goals that have a societal impact.
For business grants, it can vary. You might come across privately funded grants with a societal focus, or you might be compatible with a federal or governmental grant with an economic goal. The common goals we’ve seen through practice range from economic development and job creation to supporting sustainability or enhancing the performance of specific industries.
Once you know the funding entity’s goal, you can now tailor your application to meet their priorities.
Too vague? Let us illustrate.
For programs with limited funding, your application will be evaluated based on the strength of your submissions. Thus, it’s important that you make your application as compelling as possible. This can be achieved by knowing how to tailor what you write to what the funding entities want.
Example 1
For example, if a governmental entity is offering non-repayable grants for businesses that are looking to expand to international markets, you should ask yourself: “Why?”
Why is the government interested in promoting exports?
Exports are an essential component of economic competitiveness. Pushing businesses towards globalization can ultimately boost economic growth.
Governments have an inherent interest in promoting exports to stimulate the national economy. So, what you write in your application should reflect this understanding.
Example 2
Let’s say you’re interested in a program that provides non-repayable funding for your business to accelerate your growth. You’ve noted that its objectives specifically mentions that it aims to create sustainable employment in that region.
What would be the ideal approach?
Your application should not only highlight the benefits of the program to your business but there should also be a focus on how your business will contribute to sustainable job creation in the region.
You can outline a clear plan for hiring and retaining employees as your business grows and how the funding can help you create stable and meaningful employment opportunities.
Remember, with business grants, it’s not just about whether you meet the requirements; it’s also about what your business and project will contribute to the funding entity’s goal if you receive the funding.
The last key step is always reviewing your application. This step is crucial as even the simplest things like formatting can be the difference between a grant award or rejection. Consider the following items:
For this step, we also recommend having a fresh set of eyes take a look at your proposal. Having others review your application can help bring a different perspective and check if there’s anything you might have missed. Once you're confident, it’s time to submit your application.
After working with multiple businesses to get them primed for funding, we’ve determined a few key tips that will help boost your chances of getting your grant application approved.
This is probably one of the most important aspects of any grant application. Funding entities – private or government, would want to see that your business is sustainable and financially stable to ensure that whatever funding given to you will be used effectively.
Employ external help if you have to, but never overestimate your finances. Trust us when we say that funding entities will always see through this.
By making sure that your financials are accurate and realistic, you can significantly boost your chances of getting funding.
It’s always nice that you can align your project with the funder’s goals and priorities. However, it’s important to keep in mind that these should be realistic.
Make sure whatever you outline in your submission is achievable within the grant’s duration. Overpromise, and you’ll lose your chance to get that necessary boost for your business.
As they say, it’s always good to learn from those who came before us.
Knowing who got their applications granted can help you strengthen your application. Most funding entities publish previously awarded grants. For government programs, you can access information on government spending through open-source databases.
In Canada, we have Open Canada – a website dedicated to enhance the federal government’s accountability and transparency. It consolidates all the Grants and Contributions reports submitted by federal institutions, giving you valuable insight into what the funding entities are looking for and the types of projects they previously supported.
GrantFundPro is a grant search platform that aims to provide businesses with better access to funding and other relevant opportunities. Sign up to get access to over 800 Canadian business grants, loans, wage subsidies, tax credits, and more. Learn more.
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