What happens after my Grant Funding application is successful?

Successful Grant Funding application – What happens now?

Once notified of a successful outcome to your grant funding application, you will enter a grant preparation stage. The funding body will complete financial checks to make sure your company can support project and competition requirements. This includes reviewing company financials to ascertain if the applicant is a viable business eligible for subsidy control support.

Financial checks also allow the grant funding body to check your company’s financial position to make sure you are able to support match funding elements and are not likely to fail as a business during the grant-funded project.

Do I need match-funding ready as ‘cash in the bank’?

Most competitions require applicants to provide some level of match funding to support the grant funding application project. It is not expected that the full amount of match funding is readily available as cash.  At this stage, you will need to be able to demonstrate you have the cash available to support first-quarter costs before the first grant claim as well as having a credible plan in place to secure the remainder of the match funding requirements of the project. You need to be able to demonstrate that you can provide cash flow to support your grant as it goes forward.

What else is needed?

Grant preparation for a successful grant funding application includes second-level planning, work plan, full risk assessment, exploitation planning, financial forecasting for the project, and signing a grant collaboration agreement if you are working with partners. At this stage, you will get a chance to review the spending profile of the project (within the initially requested grant) to make sure it remains accurate.

Once you’ve completed grant preparation, a monitoring officer will be assigned and you’ll be given a start date for the project and you arrange a kick-off with yourself, the monitoring officer, and any partners.

How TBAT can help with a successful Grant Funding application

TBAT can support all aspects of grant preparation for a successful grant funding application. Working with TBAT to develop a proposal results in a series of documents which can be used to support grant preparation requirements, such as project spending profile. Working with TBAT can help evaluate and resolve requests swiftly for a streamlined grant preparation process. TBAT are happy to liaise with a monitoring officer directly on a clients’ behalf to arrange meetings and understand requirements. View our Grant Claim Management page for further information or contact us.

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