The cost of living crisis caused a £5 billion drop in donations in 2022 and a rising demand for charity services. With donations from individuals often harder to come by, it’s worth remembering that trusts and foundations are still around and are set up to give money away. However, securing funding from a trust or foundation can be a competitive process. Here are three top tips to help you increase your chances of success.
Do your research
Before you start applying for grants, it’s important to do your research and identify the trusts and foundations that are the best fit for your charity. Look for funders that have a history of supporting causes similar to yours and check their criteria for eligibility and funding priorities. This will help you tailor your application to the funder’s interests and increase your chances of success.
When you’re doing your research, make sure you’re using up-to-date information. Trusts and foundations can change their funding priorities, application procedures and eligibility criteria over time, so it’s important to check that the information you’re using is accurate and current.
Tailor your application
Once you’ve identified the trusts and foundations that you want to apply to, it’s important to tailor your application to each funder. This means taking the time to understand their funding priorities, criteria for eligibility and application procedures and tailoring your application accordingly.
When writing your application, make sure you’re clear about the impact the grant will have on your charity’s work. Funders want to see that their money is being used effectively, so make sure you have a clear plan in place for how you will use the grant to achieve your goals. Be specific about the outcomes you hope to achieve and how you’ll measure them. Also, make it clear how your work will help them achieve their own charitable objectives.
It’s also important to make sure your application is well-written and professional. Avoid jargon and technical language that might be confusing to the funder and make sure your proposal is easy to read and understand.
Follow up
After you’ve submitted your application, it’s important to follow up with the funder. This shows that you’re committed to your project and that you’re interested in developing a relationship with the funder.
If your application is successful, make sure you thank the funder for their support and keep them updated on your progress. This will help build a relationship with the funder and increase your chances of securing funding from them.
If your application is unsuccessful, don’t be discouraged. Ask for feedback from the funder on how you can improve your application for next time. This will help you refine your approach and increase your chances of success in the future.
Securing funding from trusts and foundations can be a competitive process, but by researching, tailoring your application and following up, you can increase your chances of success. Remember to be clear about the impact that the grant will have on your charity’s work and make sure your application is well-written and professional.
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We’ll help you find the funders to support your cause. Whether you are looking for core, project or capital funding and we’ll work with you to develop the best strategy for approaching them.
To find out how we can help you on your fundraising journey, get in touch with us today.