Dos and don'ts when applying grants for your business
James Maina during a grant pitching event.
Navigating the grant landscape can be overwhelming for many entrepreneurs and founders.
James Maina, who successfully secured a grant for his fish processing business in 2022, emphasizes that the first step in this journey is to thoroughly understand the grant requirements.
"Every grant has its own set of guidelines, eligibility criteria, and expectations that must be met to ensure a successful application," he explains.
Maina stresses the importance of carefully reviewing the grant announcement or Request for Proposals (RFP).
This document contains everything from funding priorities to the specific documentation required for the application process.
Additionally, understanding the grant’s requirements means grasping the larger context of the funding, including the goals of the granting organization and how those align with your business's mission.
"For example, if a grant aims to empower women in decision-making, your proposal should clearly demonstrate how your business supports this goal, whether through having women in leadership roles or actively promoting their involvement in key decisions," he says.
He also advises entrepreneurs to outline a clear sustainability plan for their business while remaining authentic in their approach.
If you choose to hire someone to write your proposal, Maina suggests that it should be someone from your team who understands your company's vision and mission.
Once the grant is secured, Maina advises entrepreneurs to keep accurate financial records and track how the funds are spent.
"It’s crucial to ensure that the money is spent on its intended purpose. If any changes occur between the time of the proposal and when you receive the grant, you must communicate with the donor about how you'll adjust your spending plans," he says.
To stay aligned with the business’s mission and vision after receiving the grant, Maina recommends maintaining discipline and having a mentor to keep you on track and remind you of your goals.
He also encourages entrepreneurs to stay proactive and position themselves to be eligible for as many grants as possible, as opportunities are constantly evolving.