Business Funding for New Entrepreneurs
When starting out a business there is a massive checklist of things that you will need to do. One of the most important aspects is gathering funding.
Usually, this is a new entrepreneur’s least favorite part but it is so integral to making sure your small business stays alive during the hardest year: the first one.
While many entrepreneurs look for funding through family, friends, and banks, there is one branch of funding that also helps a great deal: the Government. The Canadian Government knows how important small businesses are to the landscape of this nation. They provide new jobs, boost our overall economy, and add to the Canadian identity.
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This is why there are multitudes of Government Funding Programs in place available to all Canadians. However, with so many grants it can be extremely difficult to know what one is best for your business and when the applications are due by.
We offer a Funding Database to help you find all of these Government Funding Programs and so much more. This Database will keep track of all the deadlines and also help you find grants or loans that are specifically designed for the company you are starting.
Getting Ready for Government Funding Programs
When starting out as a small business owner, it is integral to do your research about Government Funding Programs. Here are three little secrets about them, to help you get ready:
Your Business Plan Is The Most Important Thing
The Government is not a risk-taker. Even if you have the most brilliant idea that has never been done before, if you do not have a concrete business plan, the Government will certainly pass on your application. They want to know all about your company, your goals, the current market of your business, and at the end of the day, how you are going to make money and contribute to the country. If you plan ahead, the Government will be much more likely to grant you funding. Our Business Plan Builder Tool is here to help you with this step, especially if you have never written a professional one before.
The Grants Have A Cycle
This is a secret that you need to know ahead of time. All government grants have a cycle to them. So even if you obtain a grant one year, you need to reapply for the next cycle in order to keep the funding going. This is great to know so you can prepare for your application throughout the year rather than all at once.
The Criteria For The Grant and Eligibility Is Integral to Success
Every Government Funding Program has certain criteria requirements for the grant to be released to you. This can include your company’s location, what your mandate is, and more. There is no point in preparing for a grant that you do not meet any of the requirements for. This is why our Funding Database is so important as it will lay out clearly which ones you may be eligible for.