The Guide for Applying to Government Funding [For Business]
As a small business owner in Canada you may already be aware that the Canadian government provides funding to small business owners across the country. If not, applying to government funding programs may be the next step you take for your own small business.
Follow the below guide for applying to government funding options to ensure a greater chance of success and getting your business funded via government funding monies.
While the below guidelines are tips and tricks which will help you with your funding application, keep in mind not everybody gets funding; and much of the time those who are denied funding are often denied because of simple application mistakes.
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Let’s review the below points in this guide to ensure your funding success.
Government funding programs are not very easy to access if you’re just a small business owner poking around.
Sure the government has an excellent website, but many people are simply left confused by the wealth of information, the amount of funding sources and the time it takes to dig through the important details to figure out how to actually apply to government funding programs.
Since each funding program is different and is offered through different levels of government by various funding agencies, the criteria and qualifications differ from program to program. This makes it extremely difficult unless you have significant time to do it slowly, carefully and perfectly.
This is why many small business startups seek help applying to government funding programs through the Funding Database at CanadaStartups.org.
Assuming you already know which funding program you must apply to, let’s take this to the next level.
Tip: Start applying to government funding programs early
Applying to Government Funding Programs
When deciding to start applying to government funding programs, it is important to remember one of the main rules: reading and understanding the funding program rules.
At any time you look at a funding program you want to apply to, ask yourself the following questions.
Who does this government program fund?
While a funding program may exist and have significant money available, it does not mean the funds are available to everyone.
Each funding agency is structured differently, and the funding process varies as well.
A program may provide funding only to women, students, new immigrants, startups, or businesses in specific industries such as technology or agriculture. Some programs may only fund businesses in certain cities or provinces.
Funding depends on many factors, and understanding them before starting your application is critical.
What is the purpose the funds may be used for?
Similar to eligibility, funding agencies often provide funding only for specific business needs.
Some programs fund hiring and training staff, while others support startup costs, expansion, or the purchase of tools and equipment. Not all programs are equal, and this must be understood before applying.
Simply applying is not enough, especially if you are applying to the wrong program with incorrect expectations.
Advice for When You Apply for Funding Programs
One of the biggest mistakes when applying to government funding programs is assuming that submitting an application guarantees success.
Here are key things to understand when applying:
- Your application will be reviewed by a person, not a computer
- The application is not guaranteed to be reviewed or approved
- Following the funding agency’s instructions is mandatory
- Applying without a business plan is a major mistake
- Do not assume the reader knows your business, industry, or funding needs
- Do not submit your application and wait without follow-up
Your Small Business Government Funding Application
When applying to government funding agencies, understand that a real person will review your application.
This is a positive opportunity, as it allows you to put extra effort into making your application stand out.
Your application will likely be reviewed alongside many others. Your advantage is your story, the story of your business. Make sure it is clearly told.
Most agencies require applications to be completed neatly, clearly, and consistently, which makes them look similar. The business plan is where you can truly differentiate yourself.
Tip: Nobody ever said you cannot attach a professional business card to the front of your application.
Following Direction When Applying to Government Funding
Your primary responsibility when applying for government funding is to follow directions.
Complete all forms, ensure eligibility, attach your business plan, specify how much funding you need, what it is for, and when you need it.
Beyond that, timing and opportunity play a role in whether your application is selected.
Do Not Assume When Applying for Funding
Assumptions are rarely beneficial in business.
Do not assume the reader understands your industry, terminology, or funding requirements.
Instead, clearly explain every aspect so the reader can easily follow your plan.
At Canada Startups, experts review business plans in detail to ensure every point is clearly explained. The goal is to prevent confusion for the decision-maker.
Do Not Set and Forget the Application
Many business owners believe applying is as simple as submitting the form and waiting.
While submission is required, experience shows that applicants who follow up often achieve better outcomes.
A follow-up phone call or email to confirm receipt can help ensure your application is noticed.
The Application Process
The application process varies by funding agency, but generally follows similar steps:
- Complete the full application and review all attachments
- Pre-register by phone, mail, or online if required
- Submit the application with all required documentation
- Respond to additional questions if requested
- Follow up 7 days after submission, again after 14 days, and before deadlines
Applying to government funding programs correctly can make the difference between success and failure for a small business.
Following this guide will help improve your chances of approval.
If you are unsure which funding programs are right for your business, the Funding Database can help narrow your search.
A business plan is a critical document for starting, expanding, or securing funding. If you already have one, experts at Canada Startups can review it. If not, the Business Plan Builder Tool can help you create one.
Finally, mistakes can happen during the funding process, even for experienced applicants. This is why experts can review your applications before submission. To get started, start your membership with Canada Startups and begin building your business.