Seems like 2021 flew by fairly quickly and if you missed your opportunity to apply to any government grants, not to worry, accessing government grants in 2022 will be a lot simpler!
With various funding agencies across Canada closing off for the end of 2021, they are actually making budget space for 2022 – these options include various government grants from your local government, the provincial level governments as well as the Federal government options.
The best way to get started is to prepare your requirements so that you can access the government grants in 2022.
Accessing government grants in 2022:
Government grant requirements vary from agency to agency, from program to program, however the few standard requirements, or factors usually remain the same.
To ensure you have what it takes to apply to government grants in 2022, and to prepare yourself early on, the below 5 factors are crucial to keep on the radar:
- Your industry
- The location of your business
- Specific funding requirements
- Your business plan
- Application deadlines
These 5 government grant factors will help determine your likeliness of being eligible for a government grant, or any type of funding for 2022.
Your Business Industry
The industry that your small business falls under will be one of the key factors that will help you determine which government grants you can apply for in 2022.
Why the industry?
Certain government agencies and it’s funding programs rely on specific industry funding in order to carry a sector towards success – based on what the economy needs the most at a certain time.
With that in mind, the industry your small business fits will determine your chances of obtaining a government grant, or any type of funding from that specific industry.
While some agencies fund multiple industries, the chances are that you are more likely to obtain funding if you fall into a direct industry.
In other words, your business is more likely to get funded by a government grant [program that covers your industry, than a general funding program that covers a broad range of “funding purposes”.
Your Business Location
As government grants and the various types of government funding come from different levels of the government, including those from local government, provincial-level governments and the federal government, your location will be a key factor in determining what you may be eligible for.
It is likely that your small business can benefit from a certain type of program, but also likely that you can apply to each of the government levels to maximize your potential.
Certain government grants will fund individuals within a certain location only – while others may cover a broader range of locations.
Depending on your business type, you may be eligible for multiple programs or government grants to bring your business into a specific location as well.
Speaking with a Canada Startups expert, and having a better understanding of what government grants are available in 2022, will give you a greater chance of success.
Your Business Funding Needs
Everyone needs funding – and while it would be nice to apply to have all of your startup and expansion expenses covered, it doesn’t always work that way.
Some government agencies are there to fund specific funding needs or expenses.
Being able to provide a breakdown will help determine what your small business may qualify for and which government grant or funding agency to approach first.
In 2022, many funding programs, including government grants will be available to help you cover the various needs, including:
- covering your startup costs
- assisting you with your wages
- providing you with training costs
- helping you pay for marketing expenses
- covering the purchase of your needed tools, equipment, or supplies
- and more
So preparing to find the needed funds early in 2022 should be at the top of your list.
as each situation/business is different, the various needs your small business may need might vary. There are no minimums, or maximums presented, but each agency does have funding available that they provide.
Your Business Plan
One of the most critical pieces of information you will need as a small business owner in order to apply for any government grants in 2022, is a business plan.
A properly developed business plan will help you explain and outline your model to a funding agency – for better understanding, a more likely approval of all of the funds you require.
Business plans aren’t always the easiest to put together, so a bit of expert help and guidance may be needed – consider Canada Startups!
The best business plans will outline your business model, explain your products/services, your market, focus on your potential, including your growth and marketing goals – but more so, provide financial projections to show the agency that you have what it takes – as long as you have that bit of funding that you need.
This funding breakdown that you provide should be focused on your specific needs, giving you a fighting chance in finding appropriate options to apply for in 2022.
A crucial factor in determining your likeliness of getting a government grant, or any type of funding is the funding program deadlines.
The options that are in the books for 2022 will vary, however, the deadlines do have to be met to match each program.
Staying current with the Funding Database will ensure that you don’t miss any deadlines – plus the expert guidance to apply!
Preparing early on will ensure that you meet the requirements and that you have all that is needed to apply on time – to avoid missing the deadlines.
To do so, ensure you have your business plan completed, checked by an expert, and ready to go!
Ensure that your funding needs are clearly broken down, to show the exact requirements you have.
And lastly, make sure that the program you are looking at to apply funds your location and your industry.
These factors will ensure you can access government grants in 2022 with success.
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