The first step of the application process is for the applicant to submit a concept note (using the Prospero application form) which will give a broad outline of the applicant’s business ideas as well as providing information about the business and business owner.

Prospero staff screen all concept notes received and applicants with viable and innovative business ideas that fall within our strategic objectives are added to a shortlist. If the concept is unlikely to attract funding, Prospero will inform applicants and explain why the proposed business plan does not fit the Prospero strategy or funding priorities.

Short-listed applicants will be asked to submit a more comprehensive Proposal and Business Plan, including the budget. Prospero staff will provide support and guidance on how to make sure that the Proposal and Business Plan is strengthened to increase the chances of being funded.

1. Compliance Due Diligence
   Staff from the Grants and Compliance department conduct due diligence to assess whether the applicant’s business meets Prospero’s eligibility criteria. During due diligence, a delivery risk assessment is undertaken to look at the potential partner’s capacity to deliver the proposed project.
2. Monitoring And Evaluation Due Diligence
   Staff from the M&E department assess the applicant’s reporting capacity and identify areas where the Prospero M&E team can offer support. During the M&E due diligence, the project’s developmental results targets are agreed and set.
3. Project Site Visits
   During the selection stage, Prospero staff engage with the applicants whose proposal and Business Plans have been strengthened understand their model and give guidance on the preparation of the Business Plans implementation.
4. Investment Committee Selection
   Final Business Plans are presented to the Prospero Grant Selection Committee who meet and decide whether the proposal and Business Plans delivers value for money and fit the Prospero strategy or funding priorities.

1. Assess the proposal
   The Proposal and Business Plan is presented to the Prospero Grant Selection
   Committee who meet and decide whether or not the project should receive support. In the case of high value projects, the Selection Committee’s decision may be subject to approval by the Prospero Board and/or the relevant funder. Prospero will inform applicants of the outcome of the final selection process, and if the application is rejected will explain why this has happened.
2. Induction meeting
   Successful SMEs are invited for an Induction meeting which is held virtually or physically to review set milestones and targets. During this meeting, the reporting obligations and frequency of reporting are made clear to the SME prior to signing the contract. The company is also informed about the initial baseline survey that will need to be filled in before the disbursement of funds.
3. Contracting
   The contract/agreement signing is done soon after the Induction meeting and it
   formalizes obligations and deliverables committed to by the grantee to meet all
   contracting terms and inform disbursement of funds.
4. Fund Disbursements
   Disbursements of funds to the partners are based on milestone achievements, funds are only paid when Prospero has verified that a milestone has been fully completed. Milestone schedules and due dates agreed to at the grant awarding and contracting stage.

1. Reporting
   Grantees are contractually obliged to self-report every quarter using the reporting template provided by Prospero. Grantees are also obliged to send a closeout report after the grant has ended and may be asked to provide reports after the grant period has expired.
2. Monitoring And Evaluation
   The Prospero Monitoring and Evaluation Manager leads monitoring visits to the projects every quarter to verify reported data and assess technical progress towards achieving milestones and targets.