Applying for grant funding? Increase your chances for success by following some basic rules:
- Check your eligibility. Have you noticed that some funding seems to be just made for your business and your needs? You are able to tick all the boxes and are confident that this is the program for you! However, some is just not quite the right fit. Your idea or project may meet some of the eligibility criteria but not others. This is the time to stop and think about whether this is right for you. If you have to change your idea or project to meet the guidelines it raises questions about whether you will achieve the outcomes you need and if the funding body will achieve their outcomes as well.
- Read the objectives and outcomes of the grant program and then re-read them to make sure you really understand them and are sure they align with you and your project. Highlight key words such as innovate’, ‘startup’, expand’, ‘increased financial investment’ and include these in your answers to the selection criteria.
- Grant amount and grant period. Take note of the funding available. There is nothing worse than applying for funding thinking that the funding is 100% of project costs when in fact it is 50% and realising that you don’t have the additional funding to contribute. Ensure that you can complete your project by the project period stated. If not, can you break your project down into stages and still achieve the program outcomes?
- Check attachments required. Grant guidelines will list mandatory attachments and optional attachments. If you don’t include the mandatory attachments, your application will be rejected. Some of these can be quite detailed and take time to prepare so this will give you time to make sure you are prepared and not leaving them till the last minute.
- Eligible activities. Not all expenditure on your project may be eligible for grant funding so this section is critical when working on your project budget. Also, noting when you can claim expenditure is essential as many programs only cover expenditure between the project start and end dates.
Next time we will cover assessment criteria and how to prepare your Expression of Interest or Application.
Sources of information to find government grant funding: Grants and programs finder | business.gov.au If you’re doing business in Australia, this guided search will help you find grants, funding and support programs from across government.
There is a wealth of information available online about other sources of funding so set aside some time, define your project criteria and start searching!
Need assistance? Contact the Business LEAP team on 1300 249 482 or info@businesshq.org.au for free business assistance and information.