Applying for Government Funding Programs
Applying for government funding programs as a Canadian small business owner is a bit tricky.
With so many different funding programs out there, across different provinces, for different industries and all with various funding needs, it’s no wonder that applying to these programs can become stressful for a startup or existing business owner, especially when you have a million other things on your mind.
Rather than to bore you with the insignificant details of how each funding agency and each funding program offered by the Canadian government is different and how each one has a different set of criteria, qualifications and eligibility requirements which must be met, what we are going to do today is share with you the 5 rules for applying to government funding programs.
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5 Rules For Applying for Government Funding Programs
As mentioned, each government funding program has a different set of rules and qualifying criteria which an applicant, in this case you as the small business owner applying for government funding, must meet.
These criteria are what is used to determine who gets funding and who does not.
Create Your Business Plan
Your business plan is one of the most critical tools that you can have when starting your business and also when applying to government funding programs.
With a properly developed business plan, applying for government funding programs becomes much easier, as you will be able to have a full detailed explanation of what you need funding for, which will help you locate the proper funding programs.
A business plan, while it can take time, can be costly and may be one of the things that you may want to skip over, is a critical tool to not mess around with.
If you cannot develop your own, due to a lack of knowledge or experience, get expert help. Sometimes you can pay for it, other times you can find it free.
We here at CanadaStartups.org have a very helpful tool called the Business Plan Builder Tool; it helps you make your business plan and have expert business plan guidance along the way.
Either way, if you are looking to apply for government funding programs for your business, do not skip your business plan.
Conduct a Broad Funding Search
When you are applying for government funding it is important to apply to the right programs, which means searching for the right programs.
One important rule is to conduct a broad search when looking for funding.
For instance, let us say you are a farmer who needs to purchase a tractor, an irrigation system and needs money to buy more animals. When searching for funding programs, be sure to avoid looking for a loan to help you buy a tractor, or a loan for buying animals. Instead, search for equipment loans and tools or supplies funding.
The broader or more general your funding search is, the more likely you are to find funding.
Apply For Only What You Need
Applying for government funding can get exciting. Who does not want funding from the government, especially if it is a non-repayable grant.
An important rule when you are applying for government funding programs is to ensure that you follow your business plan and the needs you have outlined.
If you require funding for equipment only, only apply for equipment funding.
Need $5,000 to buy the equipment, only ask for $5,000 for equipment.
Asking for funding that you do not need will not get you very far; any unused funding, even if obtained, will be asked back.
Be sure to apply for only what your small business needs.
Applying For Funding On Time
Every small business funding program offered via the Canadian government has a deadline. Some deadlines are considered ongoing, while some have set dates.
If you are applying for government funding programs, as a rule to remember, be sure to always apply on time.
When you apply, if the deadline is in a day or a week, you are not going to make it.
Remember that these funding programs often close a few days or even a week earlier than the deadline. This means that they do not accept additional applications at that time.
As a rule, the best applications for funding are the ones that are submitted on time.
That being said, applying for funding on time can also mean another thing as well. If your small business is in need of funding, do not wait until the last minute, but start your funding search soon.
Funding search can often take a few weeks, and applying and waiting for funding can take longer. Be sure that you give yourself plenty of time.
Get Expert Help
You probably do not want to hear that somebody else should get involved in your small business, right?
But it is very true.
Expert help when searching and applying for government funding can take you a long way.
Look at it like this; if you have a car that is broken down and something is leaking, sure you can fix it yourself, maybe.
You may turn to some self-help YouTube videos, you may Google a bunch of stuff, you may end up fixing it.
But as a business owner, do you have that much time? Do you have, let us say, 6 weeks, as this is the average time to search and apply for funding?
Instead, you would take your car to a mechanic and have it back in a day or two later. Sure you pay, but what is more valuable, your time or the money you spend?