5 Wrong Ways to Search for Government Funding in Canada
If you have a small business in Canada or have thought about starting up, you most likely have considered or heard about government funding. The Canadian government supports its entrepreneurs through various funding programs in order to build a stronger entrepreneurial economy. In order to get funding, an individual or a business owner must search and apply, however there are the right ways and the wrong ways to search for government funding. Today, we are discussing the 5 wrong ways to search for government funding so you can learn and apply to your own funding search strategy.
What Government Funding Can Help With
Government funding is available all across Canada for many different industries and for various funding needs. The funding available can help you pay for:
- Hiring and Training Costs
- Advertising and Marketing Costs
- Tools, Equipment and Supplies
- Relocation
- Leasehold Improvements and Renovations
- Research and Development
- To Improve Cash Flow
- And more
Types of Government Funding
The funding available can come in many different funding types such as:
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- Government Grants
- Government Loans
- Tax Breaks or Tax Credits
- Relocation Incentives
- Consulting
Why Finding Government Funding Is Difficult
Searching for government funding is a little bit of a complicated process, considering that there are over 900 different government funding programs all across Canada from various funding agencies. Not all programs are easily accessible on the web. Thus, many small business owners have a difficult time locating these funding programs. At no fault of the government, since all agencies have different marketing strategies where some promote the programs and some do not, usually third-party sources providing government funding information is the best way to go to get the most up to date info on how to apply.
To find the best programs which may be for your business, search in your province, your industry, and for your exact funding needs.
5 Wrong Ways to Search for Government Funding
Searching for government funding is not always as easy as just googling “government funding” and clicking on whatever result comes up. Not all programs are for you and not all businesses are eligible to get government funding. So here are the 5 wrong ways that people search for funding and simply do not get anywhere. Be sure to learn and avoid doing the same in your search.
- Assuming that there is only “one government” that provides funding
- Searching only locally for government funding help
- Searching and applying for any amount of money
- Searching the wrong way or in the wrong place
- Searching for funding right when you need the money
Assuming There Is Only One Government That Provides Funding
If you assume that there is only one government that gives the funding, as in “the Canadian government,” you will not get very far. While you are right that the Canadian government allows for the programs, the individual agencies are often the ones you need to apply to and not just the main government. Each agency has its own criteria and requirements and most of the time these agencies do not know much about others that may or may not be available, only their own.
When searching for funding, be sure to look at all levels of government: local, provincial, and federal.
Searching Only Locally for Funding
If you search only locally, you are making a mistake because your local government may or may not have any funding available. If your local government does not have any funding support, do not give up, as it is possible that the province or the federal government may. Looking outside your own city is often highly recommended.
Searching for Any Amount of Money
Many small business owners also make the mistake of looking for any amount of money to help with anything and everything. If you are unsure of what you need and are just willing to accept any funding, you most likely do not have a business plan. Not having a business plan is often the biggest mistake a business owner can make when searching and applying for funding.
It is highly recommended to know what you need funding for before you start your search. Know how much you want and need, and what you need it for exactly.
Searching in the Wrong Way or the Wrong Place
Another mistake that people make often is searching for funding in the wrong way or at the wrong place. It seems like an obvious thing to remember, but you would be surprised how many business owners search for funding the wrong way and never end up finding anything. Many people will only search for grants, but the term grants can be very general and may not be specific to your funding needs. You may also be searching for funding on the wrong website or in the wrong place.
The most recommended approach is to search for funding using our Funding Finder Tool.
Searching for Funding When You Need the Money
The last mistake many people make is searching for funding at the wrong time, meaning when they urgently need the money.
Funding from the government can take between a few weeks and up to a year, depending on the complexity of your application, your funding needs, and the overall business request. If you need funding today, you are already too late. It is highly recommended to search for funding ahead of time to ensure maximum success.
Final Thoughts
Use these 5 wrong ways to search for government funding, and avoid them when searching for funding for your small business.