Researching the Proper Government Funding to Start up a Business
Access to funding can be quite challenging as far as a new business is concerned. With traditional lenders mostly declining funding applications from start ups, government funding becomes a real option for entrepreneurs.
Most entrepreneurs overlook government funding due to the fact that it is said to be very hard to secure with the highly restrictive qualification and application requirements. To help you get a better understanding of government funding programs, we have highlighted some of the areas you should focus your research on.
Begin by researching the available sources of government funding when looking to get funding for a new business. There are numerous funding sources available to entrepreneurs from the government. These are mainly divided among the various tiers of government. Entrepreneurs can find national or federal government, provincial, municipal and regional funding sources.
All these sources of government funding are administered through different government agencies including National and regional development agencies. Entrepreneurs can go to these agencies online or physically and go through the list of government funding programs available.
Application Openings
While the application process to government funding programs tends to be the most challenging when it comes to securing funding for your new start up, be sure to do it on time. Government funding programs come with different application rules. Applications are either accepted on a continuous basis or for a limited period. It is important that you research where exactly the program you are interested in lies. Programs that accept applications throughout come with the benefit of more time to go through the forms and fill them out. On the other hand, programs with a limited window require a faster response.
Stacking
It is usually very rare for entrepreneurs to get enough funding from one government funding program. It is worth noting that with the right knowhow you can be able to get as much as three quarters of the necessary funding to get your business up and running. This can be done by making applications to a single or various government funding programs strategically. This strategy can be used to ensure that entrepreneurs get all the necessary funding from convenient and accessible sources to boost their success.
As an entrepreneur looking to get a new business off the ground, it is important that you have an idea of what to focus on as you conduct research about government funding.
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