Grants Help More Than Nonprofits: Manufacturing and Supply Chain Companies Can Apply

Editor’s Note: Libby Hikind is the Founder and CEO of GrantWatch.com, a leading search platform for currently available grants posted by local, state and federal government agencies, foundations, corporations, and philanthropists across 59 different grant categories. Libby can be reached at [email protected] and followed on Twitter @GrantWatch

Each year, tremendous amounts of money go unused because too many executives believe that grants are for nonprofits only.

They’re not.

As a matter of fact, grant money is a viable way for manufacturers and supply chain companies to secure financial assistance for workforce development and all types of innovation in products and process improvements.

Grants are available from foundations to corporations to local, state & federal government agencies to philanthropic organizations, giving manufacturers and supply chain companies funding opportunities toward some or all of a new product design or implementation of a new forward-thinking process or service.

But just deciding to pursue a grant opportunity doesn’t mean you will be awarded one and that is because grant applications are much different than trying to secure a bank loan or capital from an investor. More than just asking for a 10-word elevator pitch and credit score – grant funders want to read about your passion, your mission, and how your innovation, idea or initiative will impact others.

Companies must have the ability to effectively communicate this along with what the project goals are, what it will cost, and why the achievement will matter in both the short & long-term.

Below are 4 tips to help you beat the odds and win out over the competition.

1. Research the Funding Organization. Even if the grant description is an exact match for your product or process – that doesn’t mean you will be a fit for the funder. Most of the time, you also need to be a match in shared company values of mission and culture. Having the right goals, design, and innovative vision is only the first step toward winning a grant. Start by researching the funding sources website and review the list of previous grant recipients and amounts awarded. Additionally, reach out to their grants officer and review your proposed program, goals and vision to see if you are aligned. Knowledge is power and the more info you have – the more context you will have to frame your proposal or decide to focus elsewhere.
2. Detail Your Budget. In a grant application, it is often necessary to say what your other costs will be and how you will secure that funding in addition to how their grant money will be used and here’s why: It is important to instill the funder with confidence in your big-picture abilities, expectations, and how you plan to stay on top of challenges. Start by listing the specifics of what portion of your project will be impacted by their grant money. Be precise when writing your narrative budget to include all of your programmatic expenses (and indicate if the grant money is for some or all) like equipment, legal & IP costs, workforce salaries, consultant experts, office/warehouse expenses, prototype development & testing, focus groups, and more. Make sure you are ready to answer questions with specifics if the funding source calls requesting additional information. For example, if your new supply chain process will only handle domestic operations, know what percent of the grant money that will be and how you plan to deliver the international side when the demand is there. Your budget should reflect mutual respect for the integrity of your project and for the generosity of the funder.
3. Industry Recognition & PR Matters. Grant applications aren’t just about presenting facts & figures—they are also about marketing your company and team. If your company or executives have been ranked on prestigious lists or your solutions have received awards, make sure you include them. If your leadership has been quoted, profiled or have appeared on TV or radio – include links or write up summaries. While you may be used to receiving industry recognition – not every competitor will have that in their company background so communicate it effectively because industry acknowledgements have the potential of deepening your credibility and distinguishing you from other applicants.
4. Take a Serious Approach in Completing the Grant Application. Your finance team will be able to file loan applications and your marketing team will be able to handle VC presentations – but when it comes to your grant application – work with a pro. Whether it is an internal staffer with experience or a contracted skilled grant writer – make sure you approach this process with a seriousness of purpose that is a combination of facts, figures, optimism, purpose and passion.

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