How can I secure an SME grant?
As an SME (small and medium-sized enterprise) you may be wondering what’s required from an SME grant. There are many funding options available across a range of industries and businesses. From grants for charities, start-up business grants and council business grants there are many options available.
Before you begin the application process for an SME grant, you should make sure that you have:
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An up-to-date business plan
SME grant funders will likely ask for an up-to-date business plan when you bid for funding. They just want to know more about your business, or what you want your business to be. You should include:
- An executive summary
- Your business opportunity
- Your current financials
- A description of how you’ll use the funding
- Your current (or future) loan requirements
- An overview of your team
- Your current (or future) loan repayment plans
- An appendix (if needed).
Remember to keep it brief – they don’t want your whole life story. Use simple sentences and explain as you go. Don’t use overly technical business jargon as they may not be specialists in that area.
Keep it customised to the type of funder, and you know what your funder is looking for with their opportunity. Doing some research beforehand will enable you to cater for them. However, don’t change your objectives and aims just for them. If you have to do that, the funding opportunity may not be right for you.
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A clear work plan
This should include a breakdown of what you plan to use the funds for. An SME grant will likely be for a humble amount. You shouldn’t ask for 10 Macs when a laptop of another make will suffice, for example. Realistically evaluating running costs, cash flow and what the funding will be spent on can put you in good stead. A funder wants to know that you know what you’re going to spend the money on. They want to know that you’ve prepared ahead.
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Business accounts and history
An SME grant will likely ask for a copy of your accounts. Often, you will be asked for your account from the last three years. If you’re a start-up, they will likely ask for your personal accounts or your business trading projections. You will likely need to provide examples of your business’s balance sheet where possible.
Coinciding with this, funders want to be reassured that their money is in safe hands. When applying for an SME grant, you should show evidence of your money handling capabilities. You should provide evidence of sound money management including any projects where you managed the cash-flow. This will be reassuring for a funder and strengthen your application.
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An outline of how the funder will be meeting their objectives by awarding you the funds
As mentioned above, a funder will have their own specific agenda, aims and targets they want to meet. They will be looking for a like-minded business that is also looking to meet the same objectives. At the end of the day, they are looking to provide a long-term and sustainable solution.
An SME grant-awarding body will be looking for businesses that are solving a problem or a need. Most likely they will be looking for innovative solutions. If you’re business’ objective meet theirs then it is likely that you are a good match.
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Grant matching funding
Some SME grant opportunities may require you to match the funding they give you from other sources. It is unlikely that a grant will cover 100% of your expenses. So, it’s important that you have other funds available. They may require you to invest the same amount into the business yourself.
There are a few things to bear in mind when applying for an SME grant, for example:
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Make sure you are eligible to apply
You should read the funders aims, objectives and eligibility criteria thoroughly before you apply. They may be guidelines on how to apply and important details on submission. You should ask yourself if you’re eligible to apply. You don’t want to waste your time crafting an application only to realise you weren’t eligible in the first place.
Are you asking for an appropriate amount of funding? What size grants do they offer? Is this SME grant only for start-ups? These are all questions you should consider before progressing with your application.
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Start planning and apply as soon as possible
Completing your bid for funding may take weeks or even months depending on the grant you’re going for. Due to this, you want to start planning as soon as possible. SME grants can be highly competitive, and you want to make sure your proposal stands out from the crowd. Thorough planning will help you get on your way to securing a cash grant for your small business or business gateway grants.
A Grant Writing Consultant can help you craft a winning funding application. They’re well versed in writing funding proposals and know what the funder is looking for. They know how to convey it, having likely written many proposals on a range of topics and businesses. These funding writers have great attention to detail and can help give you an edge over your competitors.
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Always ask for feedback
If you’re unsuccessful the first time around, don’t be put off. Always ask the funder for feedback on your application. This can help you improve for future grant applications. They can help you see the areas that scored well and those that may need a little bit more work. This can then help you increase your chances of success next time around.
Need help securing your next bid for funding?
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Grant Writing
Our Grant Writing Service is for businesses who want to start applying for grants, but don’t know where to begin. If you don’t have the resources or the time in-house to write a winning grant – we can help.
Our Grant Writing Consultants have over 60 years of experience in bidding for funding and grants. From start-up business grants to self-employed business grants. They can take care of the whole thing for you – they’ll even submit it on your behalf.
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