Guaranteed government funding for small business owners in Canada.
Yes, please sign me up!
If somebody can guarantee you government funding for your small business, what are you doing here reading this? Go get it!
However the only problem with that statement is that there is literally nobody that legally can guarantee you government funding for your small business.
Simple. There are so many factors at play that determine whether an individual or business would be eligible for funding. These factors include but are not limited to:
- Your location
- Your industry
- Your funding needs
- The amount of funding you need
- When you need the funding
- Time of month or year you apply for funding
- Which funding program you apply to
- Which funding agency provides the funding
- The minimums and maximums provided
- Your credit score
- Your business plan
- Your business presentation
- and much more
Think about it; if somebody was able to guarantee you funding from the government why wouldn’t they do it themselves for their own needs? Imaging somebody who can guarantee you funding like that, it means that everything (each of the factors) from above and more would have to be perfect.
What are the chances of it all being perfect?
And let’s say everything is perfect, how is it that the person in charge of the “approved funding stamp” can guarantee you? What is your business idea is really horrible and no chance of working as a business? Will it still be guaranteed?
So many questions, but in the end – the only answer is that there is not one person that can guarantee you funding for your business.
In fact; it is never offered unless it’s a part of some elaborate scam. If you do come across a service that offers guaranteed government funding think twice, read all of the terms and conditions and the fine print.
There are two types of services that we are familiar with when it comes to applying for government funding for your small business.
- Consultants: individuals who work with business owners and closely with government agencies to help you apply to the specific funding programs. They do this for a fee (usually ranges from $1,000 to $5,000), or for a percentage of the funding obtained (usually 5% to 15%).
- Funding Databases: a do it yourself type of idea where you see all of the funding programs and are able to search through them to locate the ones which may be right for you. Usually this is the difficult part – finding programs; and a lot of 3rd party funding databases offer this type of service. The fee typically ranges per use (from $200 to $1000 to access these funding databases).
There are pros and cons of each. However when getting into business and needing funding, having more money and keeping more money in you pocket is ideal. This is where a lot of people turn to consultants (as you pay after the fact), however you end up paying a lot more then if you have to do it up-front and pay for a funding database. Each option is a good option, versus doing it on your own ; since half the battle is to find the programs, and who has time for that!
Can either guarantee funding?
Not at all, so be sure to research your options before you decide.
In our opinion, the access to a funding database ends up being a lot cheaper and an easier option. Especially if you have the business support to back you up such as the one offered through CanadaStartups.org
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