In an era marked by economic challenges, securing grant funding remains a vital avenue for financial support for organisations in the UK. Each year, millions of pounds are awarded in various forms, including grants, loans, venture philanthropy, and award schemes. Despite the exploration of alternative and more sustainable forms of support by the Government and other funding bodies, grants continue to be the most sought-after source of funding. This is primarily because grants are historically interest-free and non-returnable. However, it is crucial to understand that grant funding is not 'free money' and is usually awarded under strict terms and conditions. Failure to meet these conditions may result in the withdrawal of future funding or the return of already awarded funds.
Most funding bodies require formal communication to consider a particular project. This can take the form of an application form, an expression of interest, an online application, a report with defined questions, or a free-form letter of proposal. While traditional application forms or written expressions of interest are still common, a growing number of funding bodies are moving towards accepting online applications only. This shift often results in a more efficient and paperless application process but also means that applicants must succinctly explain why their project deserves support within a limited space or character count.
- Research and Preparation
- Thoroughly research available funding options and choose the right funding body and grant scheme before making an application. This is essential to make your organisation and project stand out from the competition.
- Understanding the Funder's Requirements
- Each funding body has specific criteria and requirements. It is vital to understand these and tailor your application accordingly. Common criteria include location, type of organisation, size, and project purpose.
- Location
- Eligibility for funding schemes often depends on the location of the activity for which funding is sought. For example, a council may wish to encourage business start-up projects within its boundary to derive benefits in terms of job creation and local economic improvements.
- Type of Organization
- Different funding bodies support different types of organisations. Ensure that your organisation fits the funder's criteria.
- Project Purpose
- Clearly articulate the purpose of your project and how it aligns with the funder's objectives. Highlight the potential impact and benefits of your project.
- Clarity and Conciseness
- Given the limited space or character count in online applications, it is crucial to summarise the key points of your application concisely. Ensure that your answers are clear and to the point.
- Location: The geographical area where the project will be implemented.
- Type of Organisation: The nature of the organisation applying for funding.
- Size: The scale of the organisation and the project.
- Project Purpose: The objectives and expected outcomes of the project.
- Leverage Local Resources: Utilise local resources such as the Swindon and Wiltshire Growth Hub to access information on available funding opportunities and receive guidance on the application process.
- Network and Collaborate: Engage with other SMEs and local organizations to share knowledge and experiences. Collaboration can strengthen your application and increase your chances of success.
- Stay Informed: Keep up-to-date with the latest funding opportunities and changes in funding criteria. Regularly check relevant websites and subscribe to newsletters from funding bodies.
For SMEs in Swindon and Wiltshire, leverage local resources such as the Swindon and Wiltshire Growth Hub to access information on available funding opportunities and receive guidance on the application process.
Securing grant funding can be a competitive and challenging process, but with thorough research, careful preparation, and a clear understanding of the funder's requirements, SMEs in Swindon and Wiltshire can increase their chances of success. Remember to leverage local resources and stay informed about the latest funding opportunities.