Government Funding for Small Businesses in Canada
When starting your small business in Canada, one of the biggest frustrations entrepreneurs have when creating their business, hiring employees, purchasing equipment, etc. is the lack of capital to pay for it all. What if we told you that there is help? What if we told you that the help we are talking about could result in funding you don’t have to pay back? Or what if we told you billions of dollars are handed out each year by the Canadian government to support small business owners across the country?
Would you believe it? Probably not, but it is 100% true and real.
Government Funding Exists
Government funding for small businesses in Canada exists.
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In fact, there are hundreds of government funding programs available out there. And not just from the Government of Canada, but from all levels of the government. All these programs provide small business owners a way to overcome their small business challenges, be it through funding or resourceful assistance.
So if they exist, why is it so unbelievable?
Well, when you are talking about government programs being administered from all levels of the government, there isn’t just one funding agency providing you with the funding and resources. Which means that it is a mess to deal with if you are a small business owner or entrepreneur who is trying to locate these programs.
If you are trying to apply, this makes matters even worse because not intentionally, the government is just a big mess and has information on funding availability all over the place. And if you find one program that may apply to you, it doesn’t mean that you will find another one and be able to apply the same logic to it when applying, simply because the programs aren’t publicized much and no program is alike.
Private Funding Directories
This lack of organization by the different levels of the governments opens new doors to other businesses that have formed. These businesses are private organizations, often data publishers such as the Funding Portal or the Centre for Small Business Financing, whose main goal is to provide entrepreneurs across Canada with up-to-date funding information in the form of a listing directory, of course for a fee ranging between $500 to $1000.
CanadaStartups Funding Support
We, at CanadaStartups, took the opportunity to provide our members a full database of government funding programs, including grants, loans, tax breaks, and resource assistance, as well as a detailed listing of hundreds of private investors looking to invest in the Canadian small business markets.
On top of all of our small business tools, you can access the Funding Database when you are a member. Our cost is only $297, a one-time fee to access tools such as the Startup Guide and Timeline, Business Plan Builder, Investor PitchDeck, and the Funding Database.
Free Government Resources
If you are looking to save some money on your funding search, you can always turn to the federal government website at www.canadabusiness.ca. You can take a quick peek at which funding programs are available out of the ones that they have listed, but it is not comprehensive at all. But hey, it is a starting point.
Otherwise, take a look at the Funding Database, where you can actually see a full listing of over 1,500 funding sources to apply to.
Funding Success Stories
We ourselves have dealt with hundreds of entrepreneurs who have been successful at funding their small business in Canada with the help of the Canadian government and its funding agencies. The most common funding success being grants and loans for hiring and training employees, wage subsidies, funding to purchase equipment, for research and development, as well as to cover marketing and advertising costs.
Our Tips When Applying for Funding from the Government of Canada
- Tip #1: Be sure to have your business plan ready
- Tip #2: Know exactly how much funding you need to get
- Tip #3: Know what you will use the funding for if successful
- Tip #4: Have a fall back plan if you fail at obtaining funding
- Tip #5: Don’t stick to one funding program, but diversify your funding needs
- Tip #6: Don’t apply once and give up
- Tip #7: Don’t only apply to grants and leave the loans behind
- Tip #8: If you aren’t successful at first, try again
- Tip #9: Speak with past successful grant or loan recipients for their advice
- Tip #10: Use our Funding Database to simplify your search