20 Small Business Government Funding Uses For 2022

The Canadian government is constantly making announcements of government funding programs to help small business owners – just like the Canada Digital Adoption Funding Program recently announced that promises $4 plus billion dollars to Canadian small business owners.

These small business government funding programs are provided to Canadians across the country in various industries including:

• Manufacturing
• Mining
• Agriculture
• Construction
• Culture and Recreation
• Health Care and Social Assistance
• Professional and IT Services
• Wholesale Trade and Retail
• Accommodation and Food services
• Finance and Realestate
• Forestry, Fishing, and Hunting
• Web businesses
• and much more…

The funds that are available come from a number of government agencies, including those of local government offices, provincial-level government, and the federal government of Canada.

There are hundreds of government funding programs that are available, which come in the form of government grants, government loans, tax breaks, and tax credits, most are unknown to everyday business owners – unless you take some time to dig around.

20 Small Business Government Funding Uses For 2022

The various funding agencies that fund small business owners across Canada have funding options available for nearly all business purposes.

The below list includes 20 + government funding uses that small business owners may be able to take advantage of:

1. Business acquisition
2. Business development
3. Training costs
4. Consulting services
5. Financing services
6. Product development
7. Job creation
8. Equipment purchase
9. Trade show cost coverage
10. Exploration costs
11. Evaluation costs
12. Business planning costs
13. Operating capital
14. Renovation costs
15. Expansion capital
16. Marketing costs
17. Startup costs
18. Productivity
19. Research
20. Wage support

These are the most common funding uses that government agencies can provide small business owners with. While there are additional uses, the majority of the business activities you may have will fit into these.

Keep in mind that when you are looking for government funding for your business, try not to be too specific and try to aim and focus all of your needs to fit within the above-allocated categories.

For example:

There is no government funding to help you buy a laptop for your business. BUT, there are funding programs that may help you buy equipment – that a laptop can fit into.

There is no funding to help hire a marketing assistant, but there are funding programs that may be of help with job creation or wage support in general.

How to apply for government funding via the Canadian government

The Canadian government has hundreds of funding programs. The majority of these funding programs are scattered across various provinces, industries and cover various needs.

Not all programs will fund every business so when you are figuring out what you may need funding for, it is a good idea to break it down as much as you can – into the specifics which can then fit into the above funding uses.

Certain government funding agencies may fund only specific provinces, while some may only fund specific industries; and others, only fund specific funding uses.

This may mean that as a small business owner in Canada, you may be required to apply to multiple funding programs to cover ALL of your funding needs – rather than one lump sum.

To ensure you can apply for any funding successfully, there are a few points to keep in mind:

1. Ensure you have a solid business plan
2. Prepare your financial projections
3. Breakdown your funding needs
4. Apply on time by following all program requirements

Your Business Plan

Having a business plan will take your business further ahead as most government funding agencies do ask to review a business plan.

Your plan should explain your business model in detail, by commenting on points related to your customer base, the market you are in, any potential growth strategies, marketing plan as well discussing all of the specifics you want the government agencies to know, to help make a strong case to obtain the needed government funding.

Proper Financial Projections

Nobody should be applying for government funding without having proper financial projections in place.

If you are an existing business, having financials in place may already be something you have; however, if you are just starting, your financial projections may need to be set up.

When applying for government funding,m projections should include a balance sheet, cash flow statement, and a profit/loss document.

Funding Needs Breakdown

As mentioned above, a funding breakdown is the best way to ensure that you can apply to multiple funding options across the various agencies that provide these funds.

While a big lump sum is the best way to get funded, it is not always the most realistic way since not all funding agencies across Canada fund all business needs.

Refer to the above list of the top 20 govenrment funding uses that business owners have and try to breakdown the specific funding needs your business has into those options.

This will help you with securing more options to cover the various requirements you do have.

Application Requirements

No funding applications are alike.

Each funding agency has a different application style, with different requirements and criteria that you must meet and follow to successfully apply.

Be sure to review the fine details and provide all that is being asked.

As there are thousands of applicants to most govenrment funding programs, sadly these agencies look for reasons to deny an application -so be sure not to give them a reason.

If this means having your applications reviewed by an expert to ensure you are not making any visible mistakes, by all means, get expert help.

Typically funding applications take 2 to 6 weeks on average to hear back, so the last thing you want is to submit an application that comes back nearly 2 months later with a denial due to a simple application mistake.

To summarize; there are hundreds of government funding options available for small businesses across Canada.

They come from multiple levels of the Canadian govenrment and not all are for everyone.

Be sure to read the requirements of each agency to determine if it’s a right fit for you and be sure that your funding needs are broken down to fit the typical funding uses that the govenrment does fund.

Always apply with a proper business plan, with clear financials and a breakdown of your funding needs.