Startups and small businesses rely on government funding as it allows them to expand by investing in research, development, capital equipment, and training initiatives. But it isn’t as easy as just securing the funding. Grants Assist explains that obtaining a true competitive advantage necessitates applying for the right funding programs at the right time and maximising the money once the business receives it.

While the best time to obtain funding is subjective, businesses that wait until they’re at the optimal growth stage can leverage the full extent of the money they are awarded. And experts state that doing this properly requires following a few tactics.

The Earlier Preparations Start, The Better

Even though all government grants are different, they have one thing in common — stringent eligibility requirements, strict application timeframes, and limited funds. So, planning ahead to apply for various programs that meet the objectives of the particular business is one of the most critical factors in maximising the value of grants, tax credits, and loans.

Thorough business plans help identify fundable activities. Thus, company leaders can apply for grants before incurring extra costs.

Stacking State and Federal Funding

For organisations looking to gain competitive advantages across local and global markets, stacking federal and state funding is a must-do, opening doors to wider pools of support.

There are many ways to stack such funding based on the operations of the business. Entities should take note of the different grants and programs they’re eligible for and plan accordingly.

Combining and Linking Various Funding Sources Is Also Worthwhile

Whether a company is in the initial product development stage or the global market expansion part its journey, the executives can leverage tax credits and grants together to meet numerous needs and objectives.

Combining sources of funding allows businesses to finance separate parts of their projects at the same time. For instance, they can invest in capital equipment or training initiatives while funding commercialisation and claiming tax submissions.

Tracking Expenditures and Offering Supportive Documentation

Some of the most lucrative funding opportunities require effective cost tracking and supportive documentation. Companies typically do the best in these scenarios when their paperwork is already in order before submitting the application. It’s the key to maximising returns.

Supporting documents offer officials evidence showing that the project meets the aforementioned strict eligibility requirements and allows businesses to separate project expenses. That way, they may qualify for more than one program without heading over the maximum government funding stacking restrictions.

Reporting After Submitting Claims

It can be tempting for business leaders to submit a grant application and call it a day. However, submitting the reconciliation reports is as important as the original application.

The relevant government departments perform risk assessments to establish whether it accepts or rejects the claim. Due to the stringent nature of these review processes, providing additional evidence can be the difference between success and failure.

Maximising grant funding isn’t the easiest endeavour, but with a bit of hard work and accurate application times, it’s possible.