Applying for funding can be as easy as clicking on ‘apply’ on a website. However, the point of applying for funding is so that you can get it and make your business grow. For small to medium-sized enterprises (SMEs), getting funding approved can be the difference between a successful business and one that failed.
To ensure that your funding application is accepted, you need to have a comprehensive application. This means attaching all documents and following the guidelines of the funder.
In South Africa, there is quite a gap when it comes to funding SMEs. According to research, the SME sector accounts for approximately 80% of the workforce in South Africa. However, 15% of small businesses remain financially excluded.
Because of these statistics, we need to do a refresher course on how to ensure your funding application gets approved.
Guidelines for Writing a Funding Application
No matter which organisation you are applying to, you need to always have a guideline to help you prepare your funding application. This is especially important for venture capital and government funding applications.
Some guidelines to keep in mind:
- Always keep the core value of your project in mind when applying.
- Write your application in plain English. This makes it easier to understand your funding needs.
- Be clear about what you want to do with your funding.
- Align your application with the funder’s priorities. For example, if they want companies with tech integration, integrate technology into your business.
- Provide concise evidence that your company is providing a service or product that is needed by your target market.
- Make sure you attach ALL necessary documentation and any additional information with your application.
- Make sure that you meet the deadline as there are rarely any second chances.
- Draw up a budget that is as detailed and specific as possible.
- Do not include any non-related costs or items in your budget.
- Do not apply to more than one funder for the same thing at the same time.
These guidelines are for you to use before you even put together your application. Use this as a checklist to ensure you are hitting every mark when it comes to your funding application.
Each funder will most likely have its own requirements and sometimes a guideline. Use this one as the foundation and customise it with every funding application.
Tips for Getting Your Funding Application Approved
The following tips are not written in stone as sure-fire ways to get funding; however, they will definitely increase your chances.
Tip 1: Know What the Funder is Looking For
Before you can put any pen to paper or start typing your name (online applications), you need to research the priorities of your chosen funder. Research what they are looking for and what projects they funded in the past.
Knowing what your potential funder is looking for will show you if your project fits and what they look for when funding a project.
Tip 2: Keep your Application Clear and Concise
Your application needs to be written in clear and concise language. Try not to use jargon acronyms that the funder might not be familiar with. Use simple language to explain your project so anyone can understand.
Tip 3: Address all Requirements
In your funding application, you need to understand all the requirements and address each one in your application. If you don’t do this, it could result in your application being rejected.
Tip 4: Draft a Comprehensive Budget
In some cases, the funder will ask for your budget so they can see what you plan to do with the funding. Ensure all costs are accurately represented and that you have drawn up a plan on how the funds will be spent.
Tip 5: Proofread, Proofread, Proofread
Before you can even think of sending in your application, make sure you go through it at least three times. This will ensure you catch any grammatical or numerical mistakes. Additionally, you will be able to better any documents or written content for the funder.
Using these tips, you can create a comprehensive funding application for any funder, in any part of the world. It’s still early in the year so start preparing your funding applications soon before it’s too late.
