The DO’s and DON’Ts When Applying For Funding

There are plenty of resources out there for finding commercial finance, seeking business grants, writing a business plan etc. However, there are very few pragmatic and realistic guides as to what you should and should not do.

Here is the Lime Consultancy simple list of do’s and don’ts. It is not an exhaustive list but a quick guide, here we go;

The Definite Do’s when applying for funding

1. Read the guidance notes
2. Study the funder’s priorities. They will be different from your own
3. Be realistic in terms of time frame and budget
4. Answer the questions
5. Send in all the accompanying documents in one go
6. Get all the appropriate signatures in all the right places
7. Show confidence in your business but not cockiness or arrogance
8. Explore match funding options as soon as possible before applying
9. Make sure all your sums add up and cross reference the figures across all the sections of the form
10. Get somebody else to proof read – A spell-check is not enough
11. If you get advice from the funder, try to get it in writing, at the very least get it in email form
12. Develop a good relationship with your case officer (if the funder you are applying to has them)
13. Keep within any word count
14. Make sure you understand all your obligations should you receive funding
15. Submit the application as near to the opening date as possible, avoid last minute applications

 The Definite Don’ts when applying for funding

1. Assume knowledge of your business – spell everything out clearly and concisely as if someone who knows nothing about you is reading it
2. Wait until the last minute before sending your application in
3. Leave boxes empty or not answer a question that is asked
4. Spend the money before the funding has been approved
5. Don’t expect that you’ll be able to go back to the funder for a further advance if you happen to overspend or budget incorrectly
6. Send in a generic begging letter or sound too desperate in your application
7. Handwrite the application
8. Sound bitter about other finance that you may have been declined for
9. Hide things that have gone wrong in your business previously, talk positively about them instead
10. Gloat or sound arrogant. You may be the best, but you will never know everything

Anything Else?

Follow these do’s and don’ts and you should be on your way. It always helps to get a third party to cast their eye over any application, if you want us to do that then give Dave Farmer a call on 01293 541333 or contact via the Lime Consultancy website and he will oblige.

By Dave Farmer