Before you begin hiring, training, or exporting, there are a few critical elements of the post-approval process to know so you can execute your project efficiently and easily.
Good news! Your hard work has paid off and your grant application has been approved. However, before you begin hiring, training, or exporting, there are a few critical elements of the post-approval process to know so you can execute your project efficiently and easily.
This chapter will cover how to receive the money you are approved for, what sort of paperwork is required throughout the post-approval process, and the importance of maintaining a good reputation with the program.
Once you have received notice that your application is approved for funding, you will be most likely issued a Funding Agreement to sign. This document will outline the terms and conditions of your grant approval. Key information about your project such as dates, expected outcomes, and approved activities will be included here. When you sign the Funding Agreement, you agree to the terms set out by the grant program and are now entitled to receive funding.
The specific ways in which you receive your funding varies by grant type. Let’s take a look:
During the post-approval period, keeping track of necessary paperwork is crucial so that the reimbursement process is stress-free. As mentioned, the funding agreement is the go-to document for all the information on your project; information regarding deadlines, required documents, expected outcomes, and approved activities will all be available here.
Depending on the program, when submitting a claim, you will be required to supply additional proof to back up your expenses. This might include invoices, interim reports, paystubs, and/or proof of payment. Instruction on how to submit each of these will be provided by the program.
Most larger grants, such as market expansion, will also require a final report to close out the project. This document provides further information on your activities and relevant experiences.
Regardless of the grant program, it is critical to provide accurate reports, fill out the necessary paperwork, and claim only for the expenses you are approved for. Not only will this practice ensure you are reimbursed for the full amount, but it is also the best way to remain in good standing with the program. Following instructions exactly as outlined in a Funding Agreement will help to build a credible reputation for your company which increases your chances of approval for future applications.
We know that following a long list of instructions just to receive the funding you’ve already worked so hard to get can be a serious headache, especially when you’re trying to focus on growing your business. As grant experts, we have a wealth of experience in the post-approval stages for many of Canada’s major programs. We know what adjudicators are asking for and we know how to provide it. As a Granted client, you can leave all of this work to us. We will prepare all necessary paperwork, claim submissions, reports, and correspondence to ensure you receive your funding and build a strong reputation with any program.
Sometimes, even after you put in all the hard work, things don’t work out. However, it is important to remember that getting a “no” does not mean your application is dead in the water.
Curious about how much grant funding your company can get?