The Power of Grant Funding!
This week my team is highlighting the power of grant funding for not-for-profit organizations and small businesses. As a not-for-profit leader and now a small business owner, I know that grant funding is advantageous to organizations because organizations can use the funds to pay for their programs, operational costs, and capital improvements. Grant funding can also unlock new opportunities.
What are grants?
Grants are non-repayable contributions of money made by governments, philanthropic organizations, and corporations. Grants are also called gifts, donations, or contributions. They are powerful because they are a source of funding for a variety of purposes and they are not repaid.
Foundations, charitable organizations, governments, and corporations provide grants because they want to support causes that are aligned with their mission and vision. Granting organizations seek to invest in organizations that demonstrate they are making an impact in their industries and communities. Grantors are thus looking for evidence of impact.
How to access grant funding
To access grant funding, organizations must showcase their impact in their submitted applications and include a project narrative and budget. These applications are submitted to grantors for their review and they will decide which organizations they will fund. Granting organizations consider applications from organizations that are eligible and are leading activities that are also eligible for funding. Grantors outline the eligibility criteria for each of their grants in their granting guidelines and/or on the application forms, so ensure you review those documents carefully before submitting your application.
Once you have determined your eligibility, you will need to create a project narrative. This is a short description of the project or program that you will implement with the grant funds. If you are a small business, this may describe your operations or new offerings. You want to include enough detail so the funder clearly understands what you are proposing to do and how you will spend the grant funds. You want to write clearly, concisely, and in a way that will convince the funder that your organization is the best to implement the project you proposed. In your application, tell a story about your organization, your work, and the positive impact of your work.
How to write winning grant applications
Writing an application that wins funding is a skill you develop over time, and it is a skill you practice with each application you submit. Not only does your application need to be compelling, but it must also not go over the word limit! I like to say that writing winning grant applications is an art because you need to be concise and get to the point quickly. So, give yourself enough time to edit and refine your application before submitting it because often your first response to the questions will be longer than the word limit and you will need to revise your answers to get below or at the word limit.
In addition to meeting the word limit and writing a compelling story, ensure your application speaks to how your organization achieves equity and inclusion. This is a requirement of many grants and funders often want to know how you do this in your organization. For example, you may want to discuss the diversity of your board of directors and staff, how you work with persons from equity-deserving communities, and how you continue to champion equity and inclusion in your organization. Including this information will make your application stand out from the crowd.
Funders receive hundreds of applications and often can only fund 10% or less of the applicants. Sharing your organization’s story in an authentic way is an important skill you will want to develop. As well, persons reviewing your application are often volunteers and they cannot spend more than 15 minutes reading your application so being succinct in your writing is very important.
Thanks for reading my blog post today. I hope you understand what is grant funding and how it can help your business or organization. Feel free to email me your questions plus any tips you have for writing winning grant applications.
Michelle
CEO