Are you looking for some funding request examples so you know what your loan or grant application should look like, and what it should include?
Well, you’ve come to the right place, as we have put together valuable resources to help you put your small business’s best foot forward.
We want you to succeed!
What to Include in Your Funding Request
Your funding request will need some basic information for you to be successful. There will be differences between what you need for grant funding versus what you need for the SBA. Our Fundability™ product can help you with all of these!
Executive Summary of the Business
This is the TL; DR of your request for funding for your proposed project. It might be the only funding request section that some people will read!
Your best writing should be here, because you will need to get the reader’s attention with that writing. Much of this can be cribbed from your business plan, another reason to write a business plan!
How Much Money You’re Looking for
Consider what you will need in order to accomplish your goals today and what you will need for a few years down the road. Even the SBA says a funding request should be looking ahead a good five years.
Again, this is a great time to investigate your business plan, as you should have these types of forecasts in there already.
What You’re Going to Use the Money for
What does your business plan have to do with the fund you do get? A smart business plan — even an informal one — will go a long way toward assuring a funder that your organization has thought everything through.
The inclusion of this information is something an outside funding agency wants to see.
Financial Information
This can include income statements from owners, your business plan and more. If you already have a business plan, this part is already done. Additional resources to add to a funding opportunity application for your capital project can include your tax returns.
Funding Request Example 1 – Grants
Here’s a successful grant proposal to the National Institute of Health. The project summary is only three paragraphs, about ⅔ of one page.
It introduces the problem, shows what the requestor has already done, and then the future effects of the funding. Not what they want to use it for today. Rather, this is what having it today will spawn tomorrow.
Next comes the project narrative, which is essentially a rephrasing of the first paragraph of the summary. Next is a rundown of the project’s resources including equipment.
There is a piece on the individual requesting the grant, who is also the senior person on the project. This includes a biographical sketch and their publications.
Next is the budget, which lists direct and indirect costs; its sum equals the amount requested. The grant proposal adds justification for the budget, e.g. backgrounds of the people who will be on the project’s payroll.
The research plan follows, with more detail, and then the citations end the grant proposal, which is 50 pages long.
Funding Request Example 2 – SBA Loans
It is one of the better known financing options around, but the Small Business Administration has its own forms and requirements for financing. Andt, unfortunately, the SBA website is somewhat difficult to navigate.
They also do not seem to show examples of their forms or what is actually in them. Rather, you will have to download a form, check, and then either use it or delete it and start all over again.
You will need to fill out a personal financial statement for any funding request. You can find SBA loan program forms 1919 and 1920 here. And the application for a 504 loan is here.
Funding Request Example 3 – Bank Loans
Many think of a bank as being the best or perhaps the only funding source for their business. But a bank isn’t the only organization where you can get working capital.
Getting a bank loan means a degree of paperwork, and a lack of uniformity among applications. But their requests for funding assistance aren’t too different from each other.
Unlike with grant writing, there won’t be too many areas where you’re doing more than simply filling in a blank on a form. Since this is a bank, make sure you ask for enough, so you don’t need additional funding later. You won’t get matching funds here.
Funding Request Example 4 – Appeals to Potential Investors
What does a potential investor need to see? What would you want to know about a potential investment?
The Accion Opportunity Fund offers a sample of a successful proposal to a potential investor.
The proposal starts with a summary—and if your business already has a business plan, then the legwork for this bit is already done.
Next is the amount of money on request. Consider how much you will need now, but also what you’ll need for a few years. And outline which sort of funding you think you need—a loan or an investment.
Next is the plan for what the fund will be used for. And finally, financial information on your small business. Again, if you already have written a business plan, then this funding request section is already done.
Funding Request Example 5 – Solicitations for Donations
Whether yours is a nonprofit organization seeking donations, or a for-profit business looking to get crowdfunding, there is an art and a science behind asking for a donation from people who aren’t lenders.
The USTA has a terrific cover letter just for this purpose, with a funding proposal template attached. The sample letter is easy to fill out although you will likely have to change some details.
The sample proposal contains a funding request section where you can easily determine what your budget would be (although it would be even better if the proposal writing was interactive and could perform calculations, but that’s a small quibble).
How Credit Suite’s Fundability Product Can Help
Virtually every aspect of Fundability™ will show up on a funding request. From your business name to business credit scores to a business plan to your application, it’s Fundability™ all the way.
Our product helps you with how to build business credit, and it helps keep you organized. Because between loan applications and the grant writing process, there’s a lot to keep track of.
We also help with what to concentrate on, and when, to get the most out of your time and money. And we help you with the proper order of things, so your efforts build on each other and aren’t scattershot.
Takeaways
The funding request process can be complex and time-consuming, but it does not have to be that way. Knowing where to focus, and having a plan of action are priceless!
Why not contact us today, to find out how Credit Suite can help your business get financing and so much more.
