Accessing funding

​On Torbay Hour last night I was asked if I could put together some top tips on funding bids and applications.  So below are my thoughts which may help businesses to access funding at this difficult time.  Some grants relating to Covid-19 will be automatically allocated but as we come out of lockdown and need cashflow to restart, other sources of funding may need to be looked for.

1. Be prepared – you will need to be able to explain your business/organisation, what it does, for who, why you need funding and what the long term plans are when the funding finishes.  A three year Business Plan is a good tool to do this and for some applications, financial forecasts will be required too.
2. Ensure you understand the difference between loan funding, grant funding and equity funding.
3. Funding bids are time consuming – ensure you qualify for the funding you are applying for or it could be a lot of wasted effort – you may want to employ a professional to do this for you as they will know the relevant avenues to explore.
4. Consider whether to write the application yourself or outsource.  Some schemes only allow one application so getting it right first time is vital.
5. Fully review all criteria – all questions must be answered as panels often score each area and a minimum number of points need to be scored to move on through the process.
6. Remember if you are applying for a loan the lender has an obligation to ensure you can repay it so only apply for what you are sure you can manage.  In the current climate the  CBIL scheme is government guaranteed but ultimately is still your debt and defaulting will have  a long term impact on your credit rating.
7. If you write your own application get it overviewed by someone outside of your business – it must be logical and understandable to the assessing manager/panel and industry terms that may make sense to us may not mean anything to a third party.
8. Be prepared to be asked to present to a panel particularly for grant funding that is limited and you are competing with other businesses for. If asked to present ensure you stick to requirements e.g. if you are given 10 minutes ensure you stick to 10 minutes and get the most relevant information over first.

We are happy to talk to anyone who needs advice on this subject and offer a free 30 minute telephone consultation to discuss your business needs and options you can consider. Give me a call on 07717 130226
 
 
 
 
 
 
 

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