Follow Us

arrow-menu

Grants For Starting A Business

Many cases have come up with Canadians having a well-thought-out plan for a business but no funds for startup. Loans do not give what they need, and these business plans are left to wither away. No more.

Did you know that there are grants for starting up businesses in Canada? Read through this article and find out more.

 

Lots of Canadian government grants have been made available over the years for small business owners and startup entrepreneurs. These funding programs were designed to save you money, lower your startup costs, and help you grow your business.

The Canadian government has created a spread out of many funding programs, therefore as a small business owner, starting up has been made easier. Some of the reasons you may want to obtain these grants could be for hiring and training staff, to purchase land and equipment, for marketing and advertising, etc.; the grants are available, and below, you would learn how to source for them.

 

However, some of these government grant programs are way too complex, with numerous processes, steps, and each with different requirement techniques that must be passed before you get a grant. In addition to this, the Canadian government funding programs come from multiple sources, which complicates matters, as you have to know the agency before you apply for the program.

One of the primary reasons why these funding programs exist for small business owners in Canada is to make sure the growth of the economy continues. And this is achieved by creating jobs. With this, small businesses can improve the economy of Canada, and the government happily supports its entrepreneurs through funding.

Read more

Written by: Big Piggyy

Rating

4.5/5

Loan Term

9 months - 5 years

Est. APR

% 29.99 - 46.96

Loan Amount

$500 - $35,000
Apply Now
Read Full Review

Tips To Finding Government Grants

 

Know Where You Fit On The Grant Priority Scale

Most businesses fit into a grant-rich industry area, while some fit well with government objectives and are targeted for funding. Others might not. Take into consideration that small business grants for retail businesses are always scarce. 

 

Ensure You Know Your Terminology

The phrase “small business grants” is rare on Canadian government websites, maybe because these grant programs are always rare. 

So knowing your business terms would push you a good deal of direction in finding a grant agency funding that soothes you.

Furthermore, technology, exporting, and alternative energy are some other areas the government keeps funding. If you can get your business involved in exporting or making technological advancements, you would tremendously increase your chances of finding a business grant.

 

Always Keep Your Business In A Position To Take Advantage of Grants

Keeping your business facing the right direction and getting it involved in suitable activities would boost your grant qualification significantly. 

For example, participating in the SR&ED tax credit program will give business owners access to “free money” in the form of tax credits, and everyone knows that free money is as great as business grants. 

 

A significant factor about the SR&ED program is the singular fact that a proposal does not need to be prepared, nor does one have to wait for project approval to get involved. You have to design and carry out your project and then make your tax claim. However, this can only be possible if you follow every rule. Sadly, many business owners are unaware that they can participate in this program and thus miss out on the rewards and benefits.

 

Use Hub Sites to Search

Government hub sites, such as the Innovation Canada website, are a perfect place that provides a complete listing of government assistance opportunities, including business grants. From the government assistance page, you can search for government business financing available in Canada.

Frequently asked questions

Where Can I Find Government Grants For My Business?

As mentioned earlier, there are multiple funding programs available, and they all come from different agencies spread out in Canada. So to start searching for not just one but the right one, you have to ensure you fully know what you want. 

This is quite unpleasant, and the search for funds is not only time-consuming but also tricky. 

However, start with a Simplified Database. With this, you could continue to map out your business while still searching for available funding programs that might be right for you.

Are There Different Types Of Available Grants? What Are They?

Government grants are numerous and also vary in specifics. Some agencies draft non-repayable grants that means the business owner doesn’t have to pay back, while other funding agencies provide grants on conditions that differ, according to the program. At the same time, some other agencies provide business owners with a partial contribution. 

Each government grant was designed and created to support and help business owners and entrepreneurs start.

How Can I Apply for A Government Business Grant?
  • Firstly, only apply for programs that meet the criteria, else it would be a sad waste of everyone’s time, yours and the grant agencies.

 

  • To attain success when applying for government business grants, always create a professional business plan. This should be done because all government grant programs require business owners and young entrepreneurs to provide a business plan.

 

  • Always read the program guide for the specific program you are applying to. And most importantly, ensure to apply early. Late applicants go home with little or nothing. Many funding programs are opening and closing each week, so hastening into it as soon as the program comes out is essential.
How Can I Tell If I Qualify For A Business Grant?

Business grant qualifications solely depend on the funding organization. Sometimes they give priority to businesses in rural or low-income locations. Other times they give priority to businesses run by females or minorities. 

Be sure to read a grant’s whole eligibility criteria before applying to understand if your business qualifies.

Conclusion

Business grants for Canadian businesses are out there in the wind, though challenging to hold down; applying these tips will give you a better chance of finding one, or possibly more.

Big Piggyy

"Show me the MONEY!!!" – Jerry Maguire

Share this article: