Business grants are plentiful, but finding one is the easiest part of the process. Once you choose a grant that your business is eligible, and that suits your business’s needs, you must apply for the grant. This application process includes writing a grant proposal, which can seem overwhelming at the beginning. The important thing to remember is to take the proposal and application process one step at a time so that you can ensure you have everything in order.
Developing a business proposal
When you write a business grant proposal, think of it as an in-depth essay. Before you begin writing, you need to have a plan so that your proposal is organized and includes all of the necessary requirements. Sloppy, confusing proposals will likely be tossed in the trash. You want your proposal to stand out in the stack while being professional and concise. Start by writing a summary of what you want to accomplish, how much money it will take and how you will accomplish your goal. Include as much information as possible when you write a business grant proposal summary so that you can recruit others to your cause.
After you’ve written a summary, gather support from your community, business network, foundations, universities, hospitals or any other corporation that may have an interest in your goal. You will need backing for a successful proposal, so get excited about your idea to bring others on board. You may also need them to provide funding, so keep that in mind when you decide which businesses and organizations to ask.
Now it’s time to find the right grant for your business. Each grant has stipulations and restrictions, so find a group, department or agency that has shared interests with your proposal or industry. For example, a university or technology firm may be interested in a web-based innovation, but a philanthropic foundation may not provide funding for such endeavors. Research any granters before contacting them so that you know exactly what type of grant with which you are dealing.
Writing a grant proposal
Once you’ve chosen a grant program, it’s time to get busy writing a grant proposal. You already have a summary of your idea, the funding required and how you will implement it, so use that summary and expand on it. Create an outline (if you are unfamiliar with writing an outline, Lloyd Sealy Library offers an outline template to follow) to organize your proposal ideas. This outline is for you only, and you will not submit it with your proposal. However, essays, proposals and research papers can all benefit from an outline as it helps keep you organized and on target.
According to the Catalog of Federal Domestic Assistance (CFDA), a business grant proposal is comprised of eight sections. Write a business grant proposal that includes a proposal summary (which you have written by this point); the introduction of the business; the needs of your business (also called a problem statement); the goals and proposed outcome; a plan of action that describes how you will meet the goals; evaluations of the project and upcoming process; funding your business will provide or seek after the grant has ended; and a budget proposal that does not solely rely on the grant.
The Foundation Center provides a free course in writing a grant proposal that can help you prepare a successful proposal.
This article is written by Jon Emge who is a Senior Debt Advisor writing for a range of financial sites includingwww.debtadvice.net and www.debtmanagement.co.uk