How To Write A Business Proposal For Foreign Grants

Acquring a foreign grants  is one of the sure ways to get a capital to star a business or even boost the face of your business, so as to be able to earn more profits. However and applying  and acquiring foreign grants are literary some of the most difficult task an intending entrepreneur can face as it is time consuming and the eligibility requirement are strict. However despite these very difficult process, the major benefits of acquiring a grant for your business are limitless.  So In this article, we’ll walk you through the process of how to write a business proposal for foreign grants

Step 1: Write a convincing cover letter

Start your business proposal by writing a cover letter. Your cover letter could be the perfect opportunity to capture the funder’s attention. Keep your cover letter short but impactful as the key objective of your cover letter is to compel the reader to get to your proposal.

Your funders have likely received tens or even hundreds of grant applications, therefore your letter should separate you from the crowd as much as possible.

Say what you need without using too much fluff, being as direct as possible without missing the important parts. And make sure to connect your project and goals with the funding agency’s own. If you can make a connection between their mission, funds, and your proposed project, you will have a better chance of getting approval.

Step 2: Start with an executive summary

Start by writing an executive summary also known as a proposal summary, an executive summary is essentially a brief synopsis of the entire proposal.

This introduces your business and project goals, it also serves as an overview of why your organization wants the grant, what your funding needs are, and how you plan to follow through with the project.

Be as engaging and well-detailed as possible, using short and clear sentences that concisely illustrate the main aspects of your proposal.

Step 3: Introduce your business

Next, introduce your business to your grantee, you can share as much relevant information as you can about your infrastructure, history, mission, experience, etc.

Here you include a biography of key staff, your business track record (success stories), company goals, and philosophy; essentially, highlight your expertise.

Client recommendations, letters of thanks, and feedback from customers and the general public are must-have things to write in a grant proposal.

Also include all valid industry certifications (ISO or Quality Certifications), licenses, and business and indemnity insurance details.

You need to showcase your company or organization as one with enough capacity and the ability to meet all deliverables from an execution perspective and also meet all legal, safety, and quality obligations.

You may also need to provide solvency statements to prove that you can meet your financial commitments to your staff and contractors.

Step 4: Write out your needs & problem statements

After introducing your business, write out your needs and problem statements. This part of your proposal should illustrate the problem you will solve and how the grant funds will help you do it. It will be important to convey the scope of the problem or need to address and what sets you apart from others trying to solve the same problem or need.

You may need to do extensive research on the history of the underlying problem, previous solutions that were implemented and potentially failed, and explain why your solution will make a difference. Craft your argument patiently, and make sure to use any supporting data and research you have to back up your argument and plan.

Step 5: State your goals and objectives

This is another crucial step in how to write a business proposal for foreign grants. Clearly explain your goals for the project, how you plan to achieve those goals, and how the grant funding will help. This section is key to providing information on the benefits that the grantee, community, government, or client will see for their investment.

Although goals and objectives seem alike they are different. Think of Goals as broad statements and Objectives as more specific statements of intention with measurable outcomes and a time frame.

When you explain how you plan to achieve your goals, it can help to include specific information about your project’s timeline, budget, staffing, the resources and community you’ll leverage, and why you’re in a strong position to tackle a problem or need. It can also help to explain how you will track your project and goals, evaluating your overall success.

Step 6: Project design: methods and strategies

Now that you’ve made your funding agency or grantee know your goals, it’s time to tell them your strategies for achieving them.

List the new hires and skills, additional facilities, transport, and support services you need to deliver the project and achieve the defined measures for success.

Good project management discipline and methodologies with detailed requirements specified and individual tasks articulated (project schedule) will keep a good focus on tasks, deliverables and results.

Step 7: Write your exact budget

In this step, you have to provide a detailed project budget that outlines how you will use the funding and what your operational costs will be. This will also serve to explain your expenses and justify the amount of money you’re seeking.

Provide any financial documents you may have to back up your budget here and try to stay within the funding limits the funding agency is offering. It’s important to neither overquote nor underquote yourself, because while you might secure the grant by underquoting, you may not walk away with enough funding for your project. Overquote and you may see your application rejected.

When we say provide a detailed budget, we mean it. Include information about all of the costs, whether they’re direct or indirect. This can include everything from personnel, materials supplies, and equipment to travel costs, advertising, utilities, insurance, and more.

Remember to check your numbers. You want to ensure they’re accurate. Otherwise, your application might not make it through the review process. Simple errors like an incorrect decimal point or forgotten number can significantly distort your budget. If you need to, leverage a team member who is excellent with numbers.

Step 8: Properly submit, Evaluate and track your application

Depending on the funding agency you’re submitting your application to, there will be different instructions for submitting. Figuring out what these submission processes look like can sound a little daunting, but each group will provide clear instructions somewhere on their website on how to properly submit your proposal.

It will be important that, once you apply, you make sure to track it to address any errors that are flagged and view the assembled application to ensure it is 100% accurate.

Once you’ve submitted, you can check online that your application has all the correct information and hasn’t been flagged for errors. After making sure your proposal wasn’t flagged, all you can do is wait for a response from the funding agency.

If the review process goes well, you may be asked to provide additional information. The way this request is handled can vary from department to department.

While the approval rating for grants has increased, grant funding is highly competitive, and there is a big chance your proposal will be rejected. If your proposal is rejected, don’t give up! You must keep trying. If the review does not go well, you will be able to reach out to the program official to discuss the next steps. You can review feedback, address the issues, and resubmit your application.

Now that you know how to write a business proposal for foreign grants, let’s look into what makes your proposal a good one:

What makes your proposal good?

A good proposal will have some noticeable characteristics. However, these characteristics do not guarantee you will get approved. But, it does increase the likelihood you will secure the funding you need. These characteristics include the proposal being:

• Easy to understand
• Proposes something doable within a certain timeframe
• Clear and concise
• Details of goals and objectives and how it will be achieved
• Tells a compelling and exciting story; what led up to your business’s decision to go in this direction, and what benefits people will experience
• Has excellent flow and continuity
• Visually appealing
• Engages the reader and provides social proof

In conclusion, having a well-written and visually appealing proposal, in addition to compelling research and data, is essential.

More Articles on RNN

• 7 Grants Available For Nigerian Businesses In 2024
• 7 Tips On How To Get A Business Grant In Nigeria [2024]
• Top 10 Places to Work in Canada as a Nigerian Immigrant
• How To Apply For Tony Elumelu Entrepreneurship Program In 2024