Is there a right time to apply for grant funding?

Applying for grant funding can feel like a challenging process. However, receiving that funding can be transformative for a business and well worth the effort. There are lots of benefits to applying for grant funding, no matter what your industry or the type of business that you have. If you’re considering making an application then it’s going to be vital to make sure that you get the timing right.

Why apply for grant funding?

• Accelerate project timeframes – If you’re successful in applying for grant funding this can provide you with vital resources that significantly speed up existing project timeframes. It could help to reduce the time to market for a product or service and put your enterprise ahead of the competition as a result. There are lots of obvious advantages to this, from increasing the commercial returns – and the speed at which they are accessible – to reducing financial risk. This funding also helps to improve business growth by allowing for more ambitious projections and plans without the need to give away any equity.
• Access collaboration – The right grant funding will also open the door to collaborations that might be vital to delivery, whether that is with industry, academic or research partners. Collaborations can be beneficial for enterprises at any stage, especially as they tend to open up access to new technologies, expertise, processes and techniques.
• Cover a broad spectrum of costs – Typically, grant funding can be used to cover a broad spectrum of costs, including staff costs at a rate of up to 70%. This can be essential cash flow, especially as it doesn’t come with the requirement to make repayments, pay interest or give away any equity in order to be able to access the funds.

What is the right time to apply for grant funding?

The main reason that it’s key to consider timing when it comes to grant funding is because the process of application can be months long. In fact, it usually takes around six months to apply for grant funding. So, if you’re looking at grant funding for your business it’s essential to factor in the time that it’s going to take to apply for the grant and to receive it into the business. Research, completing the application and waiting for a decision will all be part of this process. It’s also worth remembering that the timing of grant funding could also have an effect on how impactful your project is able to be. Getting your application in well in advance could mean that you receive grant funding at exactly the right moment to access beneficial factors in the external environment. It can also trigger connections with potential partners at exactly the right time and accelerate project growth.

Timing is as important for grant funding as ensuring that you pick a grant that is going to be the right fit. Give yourself plenty of time to complete the application process and time it so that the benefits will land at just the right moment to accelerate both the project and future growth.

Grant Advance Funding through SPRK Capital

SPRK Capital are a leading provider of R&D tax credit loans and grant funding loans in the UK. We support innovative SMEs by giving them access to their capital when they need it.

To find out more about how we can advance your grant funding to you, visit our ‘Grant Loans‘ page.