Government Support for Canadian Entrepreneurs
As a Canadian, it’s important to know that the government supports entrepreneurship. What does this mean for you thinking of starting a small business? It means that there is a lot out there on how to get financial help to start a small business.
If you already have a small business started or if you are thinking of starting up, keep in mind that startup assistance is available via the Canadian government.
How To Get Financial Help To Start a Small Business
Before you can get any type of financial help or funding assistance from the government of Canada to start a small business, there are a few things that you must do to get ready for the search:
GROW YOUR BUSINESS WITH GRANTS & LOANS
Learn about the funding available for your small business. It just takes a second!
- Have a well developed business plan
- Know what you need funding for
- Know how much funding you need
- Be a Canadian citizen
- Apply to the right financial help programs on time and meet the criteria
It’s important to note that financial help is available to everyone living in Canada thinking of starting a small business. However, each program is different and each funding agency providing the financial help through these programs requires different qualifications that must be met before you apply and get the financial assistance.
In other words, financial help via the Canadian government is available to everyone, but you do have to qualify and be eligible. A way to think about it is like a tax credit. Everyone can take advantage, but only those who qualify actually get it.
That being said, a huge number of startups across Canada get funded each month by the various funding programs. There are nearly a thousand different programs across Canada.
The Importance of a Business Plan
When you start your search for financial help to start a small business, your business plan is one of the most important documents you should have ready. A well developed business plan will prepare you for your business startup, but it will also provide you with knowledge of your financial needs.
How much funding do you need? What do you need funding for? At what stage of business do you need the funds by?
These are just a few questions your business plan, when completed, will tell you.
When starting a small business and before you can get any financial help, a business plan will be needed.
It’s recommended to use our Business Plan Builder Tool, as it’s been rated number one for user friendliness. Not only that, but it comes with expert help too. If you haven’t ever done a business plan before, this is your chance to develop one easily and have a business plan professional review it and provide feedback to improve it.
Finding the Right Funding Programs
Once you’ve developed your business plan, it’s time to start your search for financial help from the government.
Since there are hundreds of funding programs available, searching and applying to the correct ones will be important. The last thing you want to do is apply to a program after spending a lot of time, only to have the application denied because the program wasn’t right for you or you didn’t meet the requirements.
When searching for financial assistance programs, keep in mind that each funding program has a different set of qualifications and criteria that must be met before being eligible. Read them carefully, make sure you meet the requirements, and only then apply.
Other things to keep in mind when applying to the government for financial help to start a small business include programs that only fund certain industries or provide up to a specific amount for certain funding needs. These may include hiring or training, purchasing tools and equipment, conducting research and development, or improving cash flow. Focus only on the programs that are right for you and your small business.
Additional Help and Resources
If you need further help on how to get financial help to start a small business, there is no better resource than Canada Startups.