Nobody liked your project idea, so we are not going to give you any funding. The first version is a weaker statement, emphasizing facts not directly relevant to its point. The second version provides the information in a simple and direct manner. But you don’t need to be an expert on style to know that the first phrasing is diplomatic and respectful (even though it’s less concise) as compared with the second version, which is unnecessarily harsh and likely to provoke a negative reaction.
Writing for a business audience is usually quite different than writing in the humanities, social sciences, or other academic disciplines. Business writing strives to be crisp and succinct rather than evocative or creative; it stresses specificity and accuracy. This distinction does not make business writing superior or inferior to other styles. Rather, it reflects the unique purpose and considerations involved when writing in a business context.