Finding Small Business Funding in Canada
The search is on and you’ve decided to look for small business funding in Canada. The road ahead is not an easy one because it does require a lot of time and a lot of research before you can locate the right funding source for your small business. The truth is, funding is available from many sources, but in order to qualify for many of these sources you have to meet certain criteria and fit into a certain demographic to get funded.
In this article we will be discussing government funding. Canadian government funding in the form of government grants, government loans, tax breaks and other financial assistance.
Funding from the government does exist but before you can get funded you have to know how to find the funding programs.
GROW YOUR BUSINESS WITH GRANTS & LOANS
Learn about the funding available for your small business. It just takes a second!
5 Tips to Finding Small Business Funding in Canada
Know the “funding” terminology
Most business owners when looking for funding from the government often look on the government website, or turn to Google to conduct their searches. While this is fine, you have to ensure that you expand your vocabulary and search for every possible alternative to the words “small business funding”. Consider using keywords such as contributions, grants, loans, rebates, subsidies, renewable, repayable, non-repayable, tax breaks, tax credits, awards, etc.
All of those terms could lead you to potential government funding sources. So be sure to look at all options and not just focus on what you think is “free money”.
Know your “funding needs”
When searching for funding for your small business be sure to know how much funding you actually need and what you need it for. The majority of government funding programs are separated by different agencies. These agencies provide funding for specific needs such as hiring and training of employees, marketing and advertising, or purchasing tools and equipment. Knowing what you need funding for would be the first step to conducting a proper funding search.
Knowing where to search
Government funding programs are a mess. The government websites do not actively promote the funding programs. The problem is when people think about the “government” they always think of one government website, but in fact there are hundreds of agencies out there. When searching for funding consider your local government, your provincial government, and your federal government for funding information.
You can always go to third-party sites that have done the research for you and compiled a list of all funding programs available. This can save you a lot of time and frustration. Our platform at CanadaStartups provides access to the Funding Database , which includes over 1,500 funding programs. The database includes government programs as well as over 800 private investor programs available to apply to.
Looking within your industry
Much like searching for funding based on your needs, looking for programs within your industry is an excellent way to find funding that is right for your business. Do not waste your time digging for information that is not relevant to your business or industry. For example, if you are a farmer, you most likely cannot benefit from funding programs designed for the hotel industry. However, you could benefit from agricultural industry funding programs. Do the research before you start your search and pinpoint the funding agencies available in your industry.
Get your business plan
Most likely you already know that to create a successful small business you should have a business plan in place. If you do not, consider using the Business Plan Builder Tool . Most funding agencies will require a business plan when you apply for funding. Your business plan should answer critical questions about your business idea, including your goals and how you plan to achieve them. It is your way of presenting your idea to potential investors or funding agencies.
Your business plan should clearly answer who you are, what you want, how much money you need, and what you will do with it.
Be sure to follow these five tips to funding your business in order to succeed.