Grant Proposal Writing for Small Business
A grant proposal is a formal presentation of a request for funding from a group, program or organization. Small business owners can apply for grants to expand their business or start a new venture. Learning to write a compelling grant proposal will help present your business venture in a manner that will attract investors and help organizations to best assess your grant proposal. A basic grant proposal typically includes a cover letter, needs statement, project description, evaluation, budget justification, qualifications, and plans for future funding.
Drafting Grant Proposal
When writing any formal proposal, it is important that the grant writer read through and follow all directions. The proposal should be free of spelling and grammatical errors and be written in a professional tone. When addressing the need for funding, the need should be made clear and back by researched and statistical data. Using measurable objectives is also important. Presenting a sound argument and reasons why your small business should be given funding may also influence the grant reviewer(s). When writing a proposal it is important to keep it simple and precise. Present all the data supporting the case to prove that you have a legitimate need for funding. Provide the business’s mission statement and how the business contributes, or will contribute, to the community.
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How to Apply for a Grant
A grant proposal can be submitted to a foundation or a government agency interested in providing financial assistance small businesses and projects. Most agencies are strict about what their grant(s) can be used for, it is important to always work within the guidelines of the grants and appropriate the fund accordingly. Grant applications can typically be submitted online or by mail. When applying for a grant, make sure that all required application paperwork and documents are submitted and keep an extra copy on file for future reference.
The Purpose of a Grant
It is important that the grant proposal provide a clear “problem statement” or “statement of need”. State the objective of the business as you begin writing the proposal. This is the section of the proposal that will address why the business is in need of funding. Using strong and logical reasoning will provide grant reviewers with the information they need to make an informed decision. When writing a grant proposal, keep in mind that the purpose of a grant proposal is to procure funding; make the business needs and goals clear throughout the proposal. For instance, if the applicant wishes to set up a small business of agricultural products that will utilize the produce of the local farmers, then every detail of the business should be explained in the correct sequence, invariably proving that the grant money will not be stagnant.
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