Understanding funding cycles
Typically, funding requires advanced planning of 9-18 months. Once your organization or business initiates a funding cycle and secures its first award, you can expect a steady flow of awards throughout the year and in the years to come.
Most funders provide funding opportunities 1-2 times per year, although there are exceptions with 3-4 review cycles annually. Once proposals are submitted, they undergo a review and processing period before awards are announced, usually within 2-3 months. Once an award is made, funds are typically paid or eligible for drawdown within 30 days. For example, if a proposal is due on December 31st, it would likely be awarded by March 31st of the following year, and funds would be available by April 30th, approximately 4 months later.
Prior to submitting a proposal, extensive groundwork must be laid. After conceptualizing an idea, your organization needs to plan its execution in case funding is received. It's also essential to consider alternative scenarios, such as not receiving funding or receiving a reduced amount—developing a backup plan is crucial.
The process of grant writing involves researching potential funders, establishing connections, and aligning priorities and timelines. Budget development and formal proposal creation are also significant steps, requiring weeks or months depending on the proposal's complexity and the strength of your organization's relationships with funders.
When seeking grant writing support, be cautious of writers who charge a percentage of award proceeds as fees, as it is considered unethical. Instead, understand that establishing a grant writing revenue stream requires an investment of time, talent, and financial resources. When executed properly, it can provide substantial income for many years.
To learn more about grant writing and explore your options, feel free to reach out to DMB and Sankofa Consulting for a complimentary 45-minute consultation.
