“I have a great business idea that would provide great opportunities for local employment but no funding to get it off the ground.”

“I have plans to grow my business but no funding to help me get there.”

“Digital transformation would be a game changer for my business, but I just can’t afford to implement it.”

Many business owners (or aspiring business owners) are faced with these problems and have similar thoughts. Securing bank funding in 2023 is very expensive with a lot of hurdles to get over. Another funding option is sourcing private investors, however shareholder reporting and scrutiny can feel overwhelming at times. So how else can you find some additional funding to help you with your business plans?

Grant funding is a great source of funding for businesses and community groups. With thousands of grants available Australia wide it can be difficult to find one that suits your needs. Some grants are fully funded, whilst some will require the applicant to contribute a certain amount towards their project or activity. There are nationwide grants available, whilst some are for specific states or cities/towns. Many grants are charity focused, however a large number of grants are aimed at helping businesses. Don’t be turned off though - with the right search tools it is quite easy to see what is out there and available in the world of grants.

If you do find a grant that might suit your business needs, you then need to submit a grant application and possibly source supporting information required by the grant body. Preparing a grant application can be time consuming however, if you are lucky enough to secure those much needed funds then that time was well spent. Outlined below are a few things to consider to ensure you give yourself the very best chance of writing a stellar grant application.

Why do I need funding? 

Before starting, get a clear understanding of what you need the grant for. Keep this purpose in mind when reviewing your eligibility and in preparing the application. Showing very clearly that your purpose meets their criteria is critical.

Am I eligible?

All grants have boxes to tick that determine whether you are eligible or not. These criteria range from the size of your business, your business structure, what you are applying for, whether capital items are funded, whether they will be funded retrospectively, and the list goes on. Read the grant criteria thoroughly before you spend time preparing your application. 

Do I have the support of the public/community?

Grant bodies love to see that there is a real need for the concept or project that you are proposing. Get some community support, ask for letters of support to boost your chances of success and show the body that their funds would be well spent.

What did previous grant recipients get funding for?

Research the funding body and the types of projects that they have previously supported. This will give you an indication of whether your request would be considered favourably.

Am I committed to the process?

Grant applications take time and the reporting requirements often continue once you have secured the grant. You need to be realistic when starting on the grant journey, be prepared to jump through the hoops and also be organised. This will make the whole process much easier for you and less stressful.

Have I articulated my project clearly in my application?

Be very clear about what your business needs, why you need it and how it ticks all the boxes. It is critical that your project is well researched, any milestones are clearly defined, the need is clearly articulated and any evidence based research is included and referenced. If you are sourcing funding for a service, get a service provider to explain to you step by step what would need to be done. If you are applying for funds to secure plant or equipment, research the plant, determine how that plant would fill your business needs. The more information you can provide in your application, the more legitimate and committed you will appear.

How much will my project cost?

Almost every grant application will have a budget section. The more information you can gather for this the better. Secure quotes in advance, understand how much the whole project will cost and how you will fund any shortfalls. Grant providers do not want to see their funds wasted on half finished projects because the applicant ran out of money. 

Does my application read well and are there errors?

Review your application and then get someone that you trust to review it. Whether that is your business partner, employee or accountant, make sure it is easy to understand, succinct and that there are no grammar or spelling errors. 

Have I given myself enough time?

Don’t leave your grant submission until the last day. Most applications have questions to respond to, require quotes and request supporting information. It does take time to get all of this together, so start early and have time to deal with any unexpected setbacks that might arise.

Smith Thornton subscribes to a grant search provider and can help you prepare your grant application. If you have any questions our Business Services Advisor Jenna van Nierop will be happy to assist. You can email her at jennav@smiththornton.com.au or call her on 9842 5155.