3 Steps To Get Government Grants For Your Small Business
When it comes to funding your small business in Canada, government grants are often the preferred form of funding.
Most government grants are free money, meaning they are non-repayable.
While there are others, such as one-time and renewable or partial contributions, getting government grants for your small business is a win.
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But how does it work?
With the right formation and the best team behind you, you can get a government grant.
Below are the three steps to get government grants for your small business in Canada.
As a small business in Canada, getting government grants could mean the difference between success and failure. It is life changing.
Before you get into any government grants search, it is important to keep a few things in mind, starting with the three steps below:
- Finding the right government grants for your small business
- Preparing the information needed for the grant agency
- Applying for the government grant
Before discussing the steps, it is important to first find out if you are eligible for any government grants.
Eligibility depends on a number of factors, and it is always a good idea to get a funding expert to guide you through this process. To request help, you can speak to an expert by calling 1-800-288-9691.
The following are the most government grant-funded industries.
While more industries may be eligible for grants, the major ones with the maximum funding are listed below.
If you do not fall into the listed categories, you may still be eligible for other government options. Take a look at the Funding Database for all government grants, loans, and tax break or credit options.
Top Tier Government Grant Industries in Canada
If your business or startup fits into the industries below, they are considered top tier. This often results in millions of dollars in funding available from various government grant programs at the local, provincial, and federal levels.
- Not-for-profit organizations and charities
- Technology and tech-related industries
- Medical industry
- Environmental industries
- Agricultural-based industries
- Indigenous-run businesses
If you fit into one of these categories, get in touch with a funding expert and take action now to apply for available government grants.
If your business does not fit into these top-tier industries, you may still qualify under the next tier.
Lower Tier Government Grant Industries
While many government grants provide large funding amounts to top-tier industries, lower-tier industries may still access numerous grants for assistance. These include:
- Import and export businesses
- Infrastructure and affordable housing
- Media companies
- Mining
- Arts and culture
- Employment
- Municipality and community businesses
If your small business does not fall into the top-tier or lower-tier industries, review the Funding Database to explore other funding and grant options that may apply.
Expert Government Grant Tip:
When applying for government grants, research the purpose of the funds before applying. Determine what the agency intends to fund, why the budget was created, and what the long-term goals are. Tailor your application to align with these objectives.
If you need expert help finding or applying for government grants, speak to a funding expert now.
If you have determined that you fit into one of the eligible industries, the next step is to follow the three key steps below.
Step #1: Find the Right Government Grants for Your Small Business
All government grants are publicly available, but there is a time-saving trick to finding them.
Government grants are scattered across Canada and funded by various levels of government through different agencies. Finding them can take weeks if you know where to look, and most business owners do not have that kind of time.
One of the last things you want is to spend weeks searching and come up empty-handed. Expert help is strongly recommended.
As a business owner, consider whether it is better to spend two to three weeks searching for grants or to access a Funding Database that lists all available grants with expert assistance throughout the process.
If you see the value, register now and access the Funding Database.
The Funding Database includes over 1,500 government grants, loans, tax breaks, credits, and funding options.
Key points to remember when finding grants:
- A grant existing does not mean you are eligible
- Only apply for grants that match your location, industry, and funding needs
- Funding programs change frequently, so stay updated
- Do not apply without a proper business plan
Step #2: Prepare All of the Needed Information
Once you have identified a grant, the next step is preparation.
Requirements vary by program, but most grants require a solid business plan. You can create one using the business plan tool.
Your business plan should include three to five years of financial projections, including a balance sheet, cash flow statement, profit and loss statement, and a detailed breakdown of how the funds will be used.
Without proper preparation, you will not get far.
Trying to apply on the spot without preparation is the wrong approach. Take the time to do it right.
Speak to a funding expert by calling 1-800-288-9691 to ensure your application is strong.
You should be prepared to explain your customers, market, growth strategy, financials, funding needs, and intended use of funds.
Step #3: Apply for the Government Grant
Once you have identified the grant and prepared your business plan, pitch deck, and financial projections, the application stage begins.
Approximately 85 percent of small businesses fail or give up at this stage.
The most common reason is the complexity of government grant applications. They can feel like completing a mortgage application, passport renewal, and medical history all at once.
Funding agencies often lack the resources to assist every applicant.
You can get expert help with funding applications here.
It is strongly recommended to have an expert review your application before submission.