Business Essentials: Tips on Applying for Government Grants Government grants can accelerate a company’s objective, bring an idea to life, increase market share and help to grow your team of employees. Knowing where and how to start can be difficult and overwhelming when on the grant-seeking path. While navigating the complex world of government grants is no easy feat, Weld Australia has compiled a list of tips to help members submit successful applications.
Determine What It Is You Need Funding For The first step in the government grant application process is to understand what items, projects or aspects of your business require funding. A successful government grant can assist an organisation in many ways, from commercialising a new product, expanding into export markets, to funding additional roles for apprentices.
Here are a few items to take notice of when reading grant guidelines:
Regardless of the purpose for which you intend to use the funding, it is crucial that you have a clear vision for how and where the funds will be used, and what benefits it will create in the short, medium and long-term. Grants are rarely approved for general organisational operating costs.
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Confirm that Grant Funding is Right for You Before you start writing your grant application, confirm that a government grant is the right type of funding for your organisation. There are other funding sources available. These may include philanthropic organisations, volunteers, in-kind contributions or local business support. You may wish to seek these other forms of funding instead. Alternatively, you may find that local councils, members of parliament, or a different government department has a grant program that is more aligned with your objectives. Read the Grant Guidelines—Then Read Them Again Before you start writing your grant application, invest some time into reading the grant guidelines and the eligibility criteria. This will ensure that you don’t write half a grant application before realising that you don’t meet all the eligibility criteria. If you are unsure about any of the eligibility criteria, clarify the specific details with the funding body directly.
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You have the right organisational status Your project or program meets the funding body’s priorities for that round. Priorities can can change from one round to the next, so don’t assume that just because your project was eligible last time, it will be eligible again. You are based in the right geographic area That you have the correct partners (if required). Some grants require a collaborative relationship between two organisations, or research bodies. That you can deliver the project or program within the specified timeframe Whether there is a co-contribution required (either cash or in-kind) by the applicant. Some grants require an equal contribution by the applicant, so be sure you have the funds to cover this.
Once you have determined that your company is eligible for the grant, it is time to map out the finer details. Take some time to check the application closing date, and confirm what evidence or documentation is required. Write Your Application Writing a grant application may initially seem challenging, but if you’ve undertaken the appropriate research and planning, it should be somewhat easier. A successful grant application addresses the key selection criteria. This is the perfect opportunity to demonstrate your organisation’s capacity to deliver services and products that respond to issues and require funding support. Be sure to include evidence, the benefits, and performance of the business against the key selection criteria.
