As our series on how to get the best from grant schemes across the North East continues, John Atkinson looks at how we manage our agreements and processes – including the all-important Funding Contract obligations.
When the news arrives that your application has been successful now is the time to focus on the Funding Contract that follows confirming that your application has been approved.
The Funding Contract sets out the terms of your grant, how the signing process will take place and any conditions applied to the grant. A Funding Contract sets the start and end dates for the project, any milestones that you may need to meet, reporting requirements and how you will be able to claim your grant
This can be the point at which people switch off but it is vital that you take the time to understand the terms of the offer as it could cost you the funding itself.
Information contained within the Funding Contract is critical to you fulfilling your part of this agreement and also sets out the details of timescales for payment of grant money. You will need to incur the costs before you can be paid. Depending on the scheme this may be staged payments, for larger projects or a single payment once all the work has been completed. This is something to be considered at the point of applying for the grant.
There are often a number of other documents which are sent out with the Funding Contracts. All are important and provide information and further guidance about your Funding Contract and need reading. If you have any questions, ask before signing any Funding Contracts.
Remember, communication is key, so always keep your funding colleagues informed of progress and keep an eye on your deadlines to ensure funding success.
NBSL have a number of support programmes available to businesses across the North East.
The North East Business Support Fund is now live for applications and more information can be found here https://www.nbsl.org.uk/nebsf
