The secrets to getting funding from the government

To encourage economic development and support initiatives and innovation, the government offers financial awards to fund worthwhile projects and ideas. Business grants are essentially free money that the government allocates to give SMEs a helping hand. The government usually funds businesses that can help stimulate job creation, expand economic benefits, and those projects that traditional lenders don’t usually support.

However, there’s usually less than a 50% chance of winning a grant. Since it’s an extremely lengthy and competitive process, you need to up your game in writing a winning grant proposal. Let’s explore the secrets to getting funding from the government.

How to get funding from the government via business grants

To increase your chances of winning a grant, your proposal should be concise yet engaging. Follow the steps below to win a competitive advantage:

1.   Do your research.

There are different types of grants available with different funding schemes. There are state, federal, and local programs available – some are even granted by private companies. Study what’s available and which ones suit your project or business. Check the eligibility requirements and the funding amounts. Understand the funder’s priorities and goals and see how you can help them meet those key objectives.

Since a grant application is not a sure win, it’s best to choose the right funding opportunity to pursue and the programs whose mission also aligns with yours. After choosing a potential funder, you can look into its previous giving history. They usually highlight their funded projects on their website. From here, you can check if they’ve been open to funding new organisations since some funders tend to support those companies they’ve already established a relationship with.

2.   Create a thorough business plan

This is one of the most important requirements of a grant application. This outlines your business strategies, goals, and financial projections. You should be able to successfully convey the market demand for your product/service including the market size and the demographic details. The more concrete the evidence, the better. The government likes to support ideas and projects with a lot of growth potential, so make sure you indicate your growth strategy as well. Review the requirements and make sure you’re following the directions carefully. Incomplete or inaccurate submissions may disqualify your application.

3.   Clearly specify how you’ll use the funding

You need to be able to directly pinpoint the areas of the business you’ll invest in should you acquire more funding. Explain how each of those investments can fuel growth and support the project. Emphasise your progress so far and be honest and specific about how this extra funding will help you drive more growth and success for your business.

4.   Be ready to answer difficult questions

We’re talking about free money you don’t need to repay, so expect that you’ll be grilled and tested. The following are some of the common questions funders will ask:

• What does your company do and what is your founding mission?
• Do you have a compelling idea?
• Is the target population involved in the project? Have they been consulted?
• What are your benchmarks for future success?
• What problem or community need does your company address?
• Why should we fund you? How is your creation going to make a real difference?
• Tell us about your past experiences and your history in sustaining and completing new initiatives.

The questions are generally about your business model, capacity, marketing strategy, and financial projections. Be prepared to show funders what you’ve got and why you deserve the financial support on the table.

5.   Be organised

There are a lot of documents you should be keeping track of, so stay organised all the way. You can create checklists and ensure that all requirements have been sorted and submitted. You need to be organised and manage your time well to avoid missing the grant deadline. If you haven’t heard back from the agency, you are free to follow up with them after a reasonable amount of time.

6.   Network

Connect with previous awardees, community leaders, and other subject matter experts to acquire more insights into writing a winning proposal. You can even try reaching out to the program officers themselves. The name of the officer in charge of the program is usually indicated on the solicitation number. They can give more tips and thoughts about how to better tailor your project to meet the program’s priorities. That way, you can know where to focus on and how you can stand out. The best way to connect with them is via email. Also, many program officers attend the big conferences in their fields, so it would be a good idea to set up an in-person meeting at those conferences.

Grants have been instrumental in supporting many ideas, innovations, and businesses. Be true to your mission and make sure not to create a project just to receive a grant. If you’re determined to give the process a try or another try, be strategic about the whole process– from finding your prospect to managing your time and all the nitty-gritty.

Get matched with Swoop!

Access grant opportunities easily via Swoop. We work with various government grant agencies, and you can make your prospecting process fast and efficient in one dashboard.

Find the best grant opportunity for your business. Get started today!