Private Grants

Top 5 Tips for Finding Private Grants

When looking for business or research funding, it’s wise to know that there are alternatives to government grants.  In many cases, particularly in science or research fields, private grants may actually be easier to obtain.

Private grants are most often awarded by foundations that take quite a different approach to financial aid than government agencies do.  Generally, a foundation will tend to look more at the long term rewards of funding and as a result are more open to taking risks.  With private funding, there is also a lot less red tape and paperwork, although proper grant writing procedures must still be followed.  Here are the 5 top tips to consider when applying for private grants.

1. Be realistic about the nature of your work and apply to agencies that are in the right field.  There is no point in trying to stretch the truth about your work to fit a foundation that really doesn’t match your subject area.

2. Fill out all letters of inquiry and applications properly.  Follow the instructions as they are laid out whether you think it is necessary or not.

3. Educate yourself about the foundation to which you are applying.  Learn who the key people are and what type of private grants the foundation has issued in the past.

4. Be sure you know your business proposal inside out so you can answer any questions with precise, detailed answers.  Show the board members how your program is unique and explain what sets it apart from other applicants.

5. If you have been given a go ahead to proceed with an application, be certain to keep the foundation updated on your progress.  These reports help the foundation maintain confidence in you as a private grant recipient as you prepare your research and finalize your monetary requirements.

These are just a few main pointers to consider when applying for private grants.  Above all, remember to be informed, be professional, and be prepared.