As a grant partner, I often get asked a lot of questions from organizations and individuals seeking funding. Based on my experience, there are five questions I get asked most frequently. In this blog post, I will address these five questions to help potential grant applicants better understand the grant process and increase their chances of success.
1. Is there a grant available for my organization?
My answer is that it depends on two key items which are the matching of missions between the grantor and grantee, and compliance to the grant application questions. I run a grant readiness interview with each candidate to ensure they have the essentials necessary to be a competitive candidate for a grant. The five items are, in random order, a logo, website, social media presence, financial controls, and a growth plan that incorporates a grant reward.
2. What are the odds of winning a grant?
While there are no guarantees in the grant process, the two key elements of grant competiveness is mission alignment between the grantor and grantee, and a well-prepared application that comprehensively responds to grantor questions.
3. What do I need for a grant application?
Fundamentally, to be ready for a grant which includes having a logo, website, social media presence, budgetary controls, and a growth plan which incorporates a grant program. Grantees also need to have a tax ID number, and if a non-profit, a 501(c)(3) status and number.
4. What is the sequence of the grant process?
1. Initial discovery interview with the grant candidate to assess their readiness
2. Searching and selection of three grants which align the grantor and grantee
3. Review of the candidate grants
4. Uploading of grant applications
5. Monitoring of the grant award cycle
6. Notice of Award
7. Signature of agreement for use of funds
8. Monitoring and reporting of fund usage, along with key performance indicators
5. How much funding can I expect to receive?
My experience thus far indicates that an optimal grant program should generate the right amount of funds for the grantee. This in general terms is approximately one-half of the current year operating budget, whether for a small business or non-profit. Grant allocations should be large enough that they “move the needle” for the recipient, but not so large that the recipient cannot rapidly adjust to what may appear as a windfall of capital.
In conclusion, the grant process can be complex and challenging, but by understanding these five frequently asked questions, potential grant applicants can increase their chances of success.
So, what is your story? We’d love to hear it. Come and visit us at grantsforyou.org.
Warm Regards,
Neil Reid