When writing a grant application letter, follow the four important points listed below.
Let them know what your start-up is about
The first thing you need to do when writing a grant application letter is to let your potential grantor know what your start-up is about. Introduce your company and prove your credibility and that you are able to meet their requirements. You can support this by indicating your accomplishments that are relevant to the grant application.
Establish a problem and a solution
The next step is indicating a problem that you think you can provide a solution to if awarded the grant. Use relevant industry data and case studies to support your argument. You need to also prove that there are various stakeholders who support the solutions that you will outline; the more supporters you have, the higher your chances of being awarded the grant.
Lay out your strategy
Next, you must lay out your strategy when it comes to the solutions that you will employ, and you must be able to state them clearly. Explain in detail the methodology involved for you to achieve these objectives, divided into timelines. You will also need to explain how you will measure your success.
Indicate the budget
The most important part is stating the amount of funding that you will need to execute your strategy. It is important to state the exact amount that you will need, including the breakdown of all costs. If it’s a fixed amount grant, explain how you will spend the funding.
Some points to consider before applying for grants:
Identify the needs of your start-up
What does your start-up need in order for it to take off? If more than one, which among them must you prioritise? Identifying the needs of your start-up makes it easier for you to know which among the grants that you have listed down is the most appropriate for you. It also helps you to know if you even need a grant at all.
Check eligibility requirements
Each grantor has its own set of requirements that applicants must be able to meet, and because of the number of interested start-ups, the requirements can be quite hard to meet. It’s no use if a certain grant matches the needs of your business but you are not eligible.
See if the targets are achievable
You will also have to consider the goals that you need to meet under a certain grant, aside from the preliminary requirements. Some grants require you to meet certain targets in a given timeline, and not being able to meet them can result in problems along the way. Before choosing a grant, check if the targets are realistic for you.