Finding Government Funding for Your Small Business in Canada
When it comes to finding government funding for your small business in Canada, where do you go? Who do you turn to? Is it even available?
Finding government funding to fit your small business needs is not easy, but at the same time it is not impossible.
In fact, thousands of small business owners across Canada in search of government funding, be it a grant, a loan, or a tax break, get funded each year.
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Types of Government Funding Available
Funding is available for many startups and existing business owners. Funding can come in the form of a grant (different types of grants), a loan (different types of loans), tax breaks and credits, as well as other forms of financial and non-financial assistance from the government.
Not everyone is eligible, but you do not know until you try.
The trying part of the funding search is the difficult part.
Why Finding Funding Is Difficult
The government of Canada is not just one government when it comes to funding small businesses. Instead, government funding can come from many levels such as local funding agencies, provincial governments, and the federal government. So where do you go to find these programs?
Most people visit government websites and locate the popular programs that are for everyone. The problem, or a good problem, is that the government of Canada has hundreds of funding programs, over 900 in fact. These programs are handed out and managed by various funding agencies across the country.
Can You Go Directly to Funding Agencies?
You could. However, funding programs and the numerous agencies that manage them are hard to find. Not every agency has a strong marketing department or a website that ranks high on Google. Many of these funding agencies also do not have a social media presence. The main challenge is finding them.
Another option is to call your local government office and spend hours on the phone trying to get information. But if you do this, you are hoping that someone from your local office knows about a program that may be managed elsewhere in the country. The program may be perfect for you, but nobody has heard of it because not all government offices communicate at that level.
Think about it in simpler terms. If you go to a grocery store to purchase an ingredient and ask a meat department employee where it is, you may get lucky if they know. The meat employee knows meat, the dairy employee knows dairy, and the produce employee knows produce. Government agencies work in a similar way. Someone in Brampton, Ontario, may know Brampton and perhaps some of Ontario, but if the program you want is managed in Vancouver and funds businesses across Canada, you may be out of luck.
How to Find Government Funding Programs
So how do you find government funding programs for your small business?
Consider third-party services or directories such as our Funding Database. We have a team of dedicated researchers who compile information continuously to ensure our funding database of available government programs is up to date and accessible in one place.
Each week, multiple people spend more than 40 hours searching for available programs and adding them to the database. Do you have that much time, or even know where to start?
Preparing for Your Funding Search
Before you start looking for funding programs, consider the requirements. Each program has different eligibility factors, but before anything else, make sure your business plan is ready.
Once your business plan is complete, you can begin your funding search. To simplify the process, use third-party services as mentioned, as they can save you a significant amount of time. If you prefer to search on your own, ensure you find the programs and apply before their deadlines.
Break down your search based on your location, industry, and funding needs. This approach allows you to narrow down your options to the specific government grant or loan programs that may be the best fit for your business.