Grants are available to businesses in a wide variety of sectors, but unfortunately, too many businesses miss out on this vital form of funding.
An overreliance on loans puts your business in the risky position of struggling to repay debts during periods of poor cash flow. Grants offer a much safer form of funding.
Unlike traditional bank loans, grants are sources of funding that do not have to be repaid.
Usually designed to support businesses in specific, high-growth sectors, grants may be provided by local or national Government, thinktanks, private companies, charities and more.
Unfortunately, many common obstacles affect businesses’ ability to access grant funding.
To successfully secure a grant for your business, it is essential to understand these barriers to funding.
Common obstacles to grant funding and how to overcome them
A frequent occurrence is businesses applying for grants they are not eligible for – wasting valuable time and effort.
To avoid this, read and re-read the grant criteria to make sure your business is eligible. If in doubt, contact the grant funder to discuss your application.
Make sure you provide essential details about your business and its financial performance, using quantifiable evidence and statistics to back up your claims.
Another common pitfall is the use of jargon in grant applications.
While this may seem to give the image of expertise and authority, using complex jargon and acronyms can make it difficult for the grant funder to read your application.
Instead, opt for clear, understandable language that ensures the reader knows exactly what you are talking about.
Finally, make sure you meet the deadline!
These are typically very strict for grants, and a funder is unlikely to allow extensions, so make sure you submit your grant application in plenty of time before the deadline.
Support with your grant application
With any grant application, getting your business facts and financial figures right is important from the outset.
You need to be sure of your numbers and of your business’s capacity for growth.
An experienced accountant can advise you on your financial position and support you with accessing grant funding.
The key to unlocking grant funding is good advice. Contact us today for support with your application.
