Ever wondered what is important to government funders before they approve your business for a grant? Here are their top five considerations that you should keep in mind before submitting your next application.
Every funding program has eligibility requirements as to the type of organization that can apply. Some programs are only open to businesses of a certain size, while others favor companies in certain regions or operating in a specific industry sector. Make sure your business meets every single eligibility requirement, or it will automatically be rejected by funders.
#2. Completeness of Your Application
Almost 80% of grant applications are rejected for being non-compliant. This typically means that the company applying is not eligible, that its project did not meet the fund’s project eligibility criteria, or that the submitted application was incomplete. Always make sure you have properly answered every mandatory question in the application form and haven’t forgotten to include any required attachments. When it comes to getting a grant, double-checking every single detail of your application is key.
#3. Numbers and Feasibility
Government funders will typically favor companies that are in good financial standing and have an experienced team in place to carry out the project at hand. Presenting a realistic budget and matching financial projections are also key points.
#4. Government Priorities
Every government grant program seeks to serve a social, environmental, and/or economic purpose, with the most common objectives being supporting job creation, innovation, and export. Make sure your application is a strong fit with the program’s specific objectives to increase your chances of success. If picking between two compliant applications seeking the same amount of funding, funders will choose the one that has the highest level of impact in line with its objectives.
#5. Matching Funds
Most government grants will only cover a portion of eligible project costs, with programs typically investing between 33 and 66% of eligible costs. This means that the remaining portion of the costs must be covered by your company, other investors, or through a loan. Providing proof of matching funds is essential to getting a funder’s approval.
Need expert assistance preparing a winning grant application? Work with one of Fundingportal’s top grant writers >