2 Super Tips To Get Government Funding For Your Business

Imagine applying for government funding for your small business in Canada and getting a response back “You are approved”. What better feeling is there?

The problem is that a lot of small business owners/entrepreneurs don’t know the right way to go about finding government funding. Those that do find the programs, are often denied and many times due to simple mistakes that could have been avoided.

What we are going to share with you today is 2 tips to get government funding for your small business.

Tip #1: Searching for the right programs

When you hear “government funding” what do you think?

Do you think about free money? Do you think about loans? Do you think about grants? Or maybe you think about all of the options?

In order to ensure the most success when applying for government funding you have to get rid of the misconceptions of government funding. This misconception is that government funding is a scam, that government funding doesn’t exist, the government only offers high interest loans, or the most common one, why apply…I know I want get it.

The fact is that the Canadian government has hundreds of government funding programs available. Do you know what that means?

It means that in each province within Canada, and through the federal government of Canada you would be able to find funding programs. These funding programs come in the form of government grants, government loans, tax breaks and other financial assistance.

Finding government programs is the difficult step. In order to get help, we’ve put together a team of researchers in order to create our Funding Database which currently is accessible as part of a membership to the Small Business Startup Portal. To register as a member and start searching for funding programs for your small business, register here.

Finding government funding is the difficult, long and a very annoying process. Your time is much better spent on building your business, and let the funding people find the funding programs for you.

Tip #2: Applying for government funding programs

The second step to getting government funding successfully is the application process. This is the step that determines the approved or denied stamp, so be sure to understand the application process and research the funding program before applying.

Some of the most important steps when applying for funding is obviously step one from above, finding the right programs. Just because “there are hundreds of programs” doesn’t mean that all are right for your business. Some funding programs are only for specific locations (provinces), specific industries and for specific funding purposes.

Let’s say you are a farmer from Alberta and you want money to purchase equipment. You most likely need to be searching for funding programs that are available to purchase equipment, in your province or at least from a federal agency that can provide funding. Sometimes you have to be as specific as finding programs that are just for “farmers”..

Once you figured out the programs and you meet the criteria which are set forth by the funding agency, your next step is to ensure you have a business plan in place.

A proper business plan will answer all of the right questions that the funding agency may have. Tell them who you are, what your goal is, why you need funding, how much funding you need and what you intend on doing if you aren’t able to obtain funding.

If you don’t have a business plan, our Business Plan Builder Tool can definitely help you get started. Along with your membership to the Small Business Startup Portal, the Business Plan Builder is a included tool.

These are just 2 tips to get your small business funded by the government. Be sure to follow the tips to ensure your chances of obtaining a government grant or a small business loan.