Funding For Small Business

Steps To Apply For Small Business Funds Or Grants In Canada

You have varieties of small business grants you can always apply for in Canada. Finding a Canadian business grant for your small business can be painstaking. It is important you take note of these steps or processes before you can apply for your business grant. You must apply the following steps to be able to get grants for your business. They include:

Build Your Business Plan

For any good business to thrive, it must have a business plan and also, you must have a business plan before you can be granted funds for your business. The business plan helps you set a pace for your business regardless of the position you might be. A good business plan gives you an edge, projections and milestones you intend to reach with your business within a speculated time. 

If at all you aren’t eligible for the grant in the long run, your business plan will set you in a position to become a better candidate in the future. Also, this business plan helps build your credit score.

Know What You’re In Search Of

Note that there are certain exceptions to getting small business grants in Canada because some grants are tailored to a particular market. Know that retail businesses and franchises aren’t eligible for the small business grants. 

Also, business grants tend to change due to economic and market needs. In the management of your business, you should keep up to date with the economic and market needs as they also help you when you need a grant. 

Look Within Your Industry

To narrow your eligibility, you should check out the grants that are likely to be available for your industry. So many grants are industry based and you might find it hard to get a grant suitable for your industry. When in search of government’s assistance, you can make your researches with the North American Industry Classification System(NAICS)

Write A Stellar Grant Application

The grant application needs to be processed on time hence the reason you need to process it early enough. You can take advantage of the time open for grant applications before the deadline. Some grant applications look more like a business plan so this is more reason why you need to get your business plan processed on time. To be successful with your grant application, you can check templates of other people’s successful grant 

applications or templates.

Canada Small Business Financing

The Canada small business financing makes it easier for small businesses to get financial help from financial institutions across the country. Here, we explain some of Canada’s small business financing. They include:

Rise small business lending program

The Rise small business lending program is a national charity that provides mentoring to qualified individuals. They give access to low-interest loans which enables you to move your small business to greater heights. Any candidate eligible for this grant must be able to afford traditional bank funding for their small business. 

Any candidate eligible for this grant has access to $10,000 and they can pay back on an average of three years. This loan doesn’t require the candidate to have a guarantor and there are no hidden fees. 

Angel Investors

The Angel groups are known for the benefits they offer to entrepreneurs. This group isn’t profit-oriented; most of the loans they give out to business startups don’t have extra fees. They introduce new businesses to potential investors that can help move the business. 

Also, this group helps small businesses network with other investors that are very interested in propelling a change. 

Crowdfunding

Crowdfunding entails funding for a project by raising a small amount of money from different or large numbers of people in society. The crowdfunding process is usually held online; in the digital space. Individuals are persuaded to make a difference in a course they believe in. 

There are just two websites that organize this crowdfunding process. They include Indiegogo and Kickstarter. You can find out more about crowdfunding from the National Crowdfunding Association of Canada.

SOFII

The Southern Ontario Fund for Investment in Innovation (SOFII) is much concerned about the growth of small businesses in rural communities. This organization offers loans between $150,000 to $500,000. Their loan is mainly based on proffering a change to the issues of business growth and development. 

The loan is intended to make a difference to markets, new products, and service development.

The Business Development Bank of Canada

This organization is the only financial institution meant for entrepreneurs. They create a change to the Canadian business by assisting in finance and consulting services. Their main focus is the small and medium-sized businesses.

Conclusion

This article has discussed how to Fund your small business to your advantage and the different Canada small business financing that is right for your business. Also, be sure to apply for a Canada small business funding that is eligible for you else you’ll be wasting your time and that I’d the agency.

It’s also important that you apply for the small business funds on time after you must have been confirmed eligible for it.