Applying for government funding for your small business in Canada doesn’t have to be difficult, nor scary. It can be a simple process just like applying for a credit card, line of credit or a car loan at a bank. As long as you have the details that you require, you are confident and know what you want – it can be that simple.
The difficult part of applying for government funding is knowing what you need to be able to apply.
Those that are successful in applying and obtaining government funding such as a grant or a government backed load follow a easy to understand do’s and don’ts list. Those who fail and are denied government funding often do it because of the mistakes made on their behalf. Some of these mistakes you may be able to see in our DON’TS section below.
So what exactly are some of the DO’s and DON’TS of applying for government funding
- Do have a registered business before you apply to any government funding program
- Do understand government funding and the difference between a government grant and a government loan
- Do understand that time is needed to apply (and wait time is needed to get approved if eligible)
- Do ensure that you’ve completed your business plan before you apply for funding
- Do know how much funding you need (and be able to break it down per purpose)
- Do know what you need the government funding for (this ties in to the point above)
- Do consider all funding program options (equipment purchase, marketing/advertising, cash flow, hiring, training..etc)
- Do have a program specific cover letter prepared with your business plan
- Do apply to only relevant funding programs (by location, by industry and by funding need)
- Do apply to more than one funding program
- Do re-apply if denied first time (check agency response and re-apply at an appropriate time)
The DO’s are pretty easy to understand. To summarize, ensure you have your business registered before you apply any program (but that shouldn’t stop you from searching and knowing what’s available before hand). Have a business plan ready and understand how much funding you need, what you need it for and apply only to what is relevant to not waste any time. Speaking of time, allow some time to create the application and to apply, as well as consider the wait time per approval process.
- Don’t try and apply to any government funding program until you’ve registered your small business
- Don’t apply to any government funding program until you have a business plan ready
- Don’t just apply to any available funding program
- Don’t apply to all available programs
- Don’t apply to funding programs unless you know what you need funding for
- Don’t be willing to accept any funding (any amount and any purpose)
- Don’t ask for too much funding
- Don’t ask for too little funding
- Don’t wait last minute to apply for government funding
- Don’t apply past the deadline for the program
- Don’t give up if you are denied funding to a certain program
Funding doesn’t have to be difficult at all. You have a clear list of the do’s and the don’ts and all you have to do is follow it.
If you already have a small business and are in need of government funding, start your search for funding right now. It’s possible that there is funding available for you and you could be missing the deadlines as you ready this. Consider our Funding Database to see the options your small business may have. If you are still thinking about starting a business, doing a search right now to see what possible funding programs may exist before you go for it might be a good idea.
Follow the do’s and don’ts for greatest chance of success in obtaining government fudning for your small business in Cnaada.
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