Canadian Government Funding for Small Businesses
As a small business owner in Canada, new or existing, or planning a startup, one of the main things on your mind is money.
Do you have enough money? How do you get more money? What will happen if you run out of money?
So what is the answer to every entrepreneur’s problem?
GROW YOUR BUSINESS WITH GRANTS & LOANS
Learn about the funding available for your small business. It just takes a second!
Canadian Government Funding?
Since every business owner is looking for that extra $5,000, $25,000, or $50,000 in funding to help them startup, expand, hire and train staff, purchase land or equipment, conduct market research, and pay for marketing and advertising, what better way to achieve your funding goals than to contact the Canadian government for funding for your small business.
Funding from the Canadian government is a great option and an alternative to personal lines of credit, credit cards, and bank loans that most people think of when considering starting their small business.
The fact is, thousands of entrepreneurs across Canada are successful at obtaining government funding in the form of government grants, government loans, tax breaks, and financial assistance.
So what is the problem? What are you waiting for?
The Problem
As much as Canadian government funding is the perfect solution for any business, new or existing, it is not very easy to obtain.
The Canadian government does not intentionally hide the information, but they do not make funding program information easily accessible. While not a fault of their own, the Canadian government has hundreds of funding programs offered by different levels of government, some of which do not communicate with each other. With so many funding agencies providing funding for different purposes, locations, and needs, it is very difficult to provide all the funding information in one place for the everyday entrepreneur.
Not to mention that you probably would not want to read hundreds of pages of content on government funding agency websites to figure out whether you may or may not be eligible to apply to a specific program.
So What Is the Option?
Starting a business is not difficult if you have the startup tools you need, such as a Startup Guide, Business Plan Builder Tool, a Funding Database, and guidance along the way. The difficult part of starting a business is being motivated to do so and not being afraid to invest your time, invest your money, and really invest yourself.
When it comes to Canadian government funding, it is not any different.
If you want to find government funding programs that may be right for you, you will have to do research and spend time figuring out what is right for your business.
Things to Keep in Mind When Searching for Government Funding
- Knowing where to look for funding programs
- Knowing which funding program is providing funding in your location (city or province)
- Knowing which funding program is providing funding for your industry
- Knowing which funding program is providing funding for your financial needs (startup costs, research and development, hiring staff, training, purchasing land, equipment, marketing, advertising)
- Knowing how much funding you really need
- Knowing the eligibility criteria for each program
Wow, that seems like a lot of work and a lot of research.
Most people say government funding information is free and can be found anywhere. If you have a moment right now, try doing a quick search for Business Funding to see which sources have government programs listed.
As you may be aware, as of today there are [total-grant-programs] government grant programs available. There are also [total-loan-programs] government loan programs and [total-other-funding] other financial assistance programs available through the Canadian government. Do you have the time to look through those?
We at CanadaStartups made it a little easier for you. With our Funding Database, available once you become a registered member, you get access to all available government funding programs, including grants, loans, and tax breaks, as well as over 800 private investor programs.
All you have to do is click on your province, select your industry, select your financial needs, and click go.
Funding programs that fit your search criteria will be displayed, along with private investors who may be interested in helping fund your business. This allows you to focus on starting your small business instead of spending endless time researching funding programs.
How Do I Know If I Can Get Funded?
This is one of the most common questions entrepreneurs ask.
It seems simple. As a Canadian, you pay taxes, so you assume that if you want to start a small business, the government of Canada will provide funding. Unfortunately, it does not work that way.
Here are a few real-life situations of entrepreneurs seeking government funding. As you read them, ask yourself whether you would approve the funding if you were the funding agency.
Anonymous Entrepreneur, Nova Scotia
> Amount Seeking: $125,000 grant or loan to purchase a food truck and start the first-ever dine-in food truck where customers could walk inside, place their order, and be seated.
No business plan provided.
Declined Funding
Anonymous Entrepreneur, Ontario
> Amount Seeking: $750,000 to purchase a physical location for a tanning salon.
A startup business with no prior history or business exposure.
Declined Funding
Anonymous Entrepreneur, British Columbia
> Amount Seeking: $12,000 to hire a part-time student employee for one year to sell an online subscription service.
No research, no website, and no plan.
Declined Funding
As you can see, not everyone has the right idea in mind or knows where to apply for funding. While having a business plan is important, you must also convince the funding agency or private investor to believe in you, your business, and your idea.
Funding is never guaranteed. One way to increase your chances is to research the appropriate funding agency for your industry, location, and financial needs. Always apply within the available funding range and reach out to past recipients for advice.
Having the proper details can save you time and energy. Consider gaining access to our Funding Database, which provides current government funding options, potential funding amounts, qualification criteria, direct application links, and access to private investors.