Securing grant funding can be pivotal for scaling up and implementing new ideas. However, the process can be complex and time-consuming.
Jeremy Bowen Rees, BWAGP Relationship Manager, brings 25 years of consultancy experience to share his top tips for crafting successful funding applications.
1. Sourcing available grants
- Explore comprehensive grant databases like Grant Finder, Funding Cymru and Grants Online
- Use resources from Business Wales and local councils, which often promote grants for businesses in their areas
- Conduct targeted internet searches or use AI tools like subscription-based ChatGPT for tailored guidance
2. Check the eligibility criteria
- Study the grant body’s guidance notes to understand eligibility requirements, including job creation, turnover growth or specific goals like reducing CO₂ emissions
- Pay close attention to technical details like deadlines, formats and submission steps. Many grants involve a two-stage process, so crafting a compelling expression of interest is critical
- Ensure your project aligns with the grant’s purpose and scope
- Contact grant officers for informal discussions to clarify any uncertainties
3. Understand the limitations
- Acknowledge that securing and managing grants takes significant effort
- Check restrictions on how funds can be used and align project timelines with grant award processes, which can take 3+ months
- Assess your ability to meet match funding requirements, which is often essential for grant eligibility
4. Does the grant fit your strategy?
- Ensure the grant aligns with your business or project strategy. Do not alter long-term plans just to meet a grant’s criteria as this may jeopardise your project’s viability
- Be mindful that grants are considered taxable income and may include compliance obligations lasting 2–5 years
5. Understand the required outputs needed to justify a grant award
- Review guidance and literature from funding bodies to understand required outputs and scoring criteria
- Grants are often competitive, so identify your unique selling point (USP) and articulate how your project meets the grant’s objectives
- In my experience, fewer than 50% of grant applications are successful. Assess your chances realistically and seek specialist advice or speak to your BWAGP Relationship Manager if you’re new to the process
6. Provide tangible evidence of why you should be supported
- Support claims with measurable evidence, such as testimonials, case studies or letters of support
- Demonstrate past achievements and anticipated benefits to justify why your business deserves funding
7. Demonstrate your need for funding
- Conduct background research to highlight the importance of your business/project within your sector or geographic area
- Showcase how your project addresses specific challenges or gaps and provide a detailed analysis of your financial needs
8. Produce realistic financial projections
- Present precise financial forecasts that highlight the grant’s impact on your business
- Include detailed assumptions and required documents like cash flow statements and profit-and-loss accounts
- Demonstrate business sustainability and your capacity to meet match funding obligations. Including best, average and worst-case scenarios can add credibility
9. Use previous grant applications (if you have made other bids)
- Repurpose content from past applications but tailor it to the current grant opportunity. Ensuring all details are updated and relevant
- Maintain a library of adaptable financial templates and standard responses. Grants often require key policies on equality and diversity, fair work, carbon mitigation etc. to accompany the application
- Avoid rushing - poorly crafted applications can harm your business’s reputation with grant officers
10. Double-check and proofread before submitting
- Ensure all documents are included and formatted correctly
- Proofread to eliminate errors and inconsistencies
- Ask a trusted colleague or advisor to review your application with fresh eyes
- Revisit the guidance notes to confirm you’ve addressed all necessary points and outputs before submitting
- Request a read receipt to confirm submission compliance
Following these tips and investing time and effort can significantly improve your chances of securing grant funding. Remember, a well-crafted, thoughtful application is key to success.
Do you need support with grant applications? Speak to your BWAGP Relationship Manager for expert advice and tailored assistance.
Good luck!