Applying for government funding programs as a Canadian small business owner is a bit tricky.

With so many different funding programs out there, across different provinces, for different industries and all with various funding needs, it’s no wonder that applying to these programs can become stressful for a startup or existing business owner – especially when you have a million other things on your mind.

Rather then to bore you with the insignificant details of how each funding agency and each funding program offered by the Canadian government is different and how each one has different set of criteria, qualifications and eligibility requirements which must be met, what we are going to do today is share with you the 5 rules for applying to government funding programs.

5 Rules For Applying for Government Funding Programs

As mentioned, each government funding program has a different set of rules and qualifying criteria which an applicant, in this case you as the small business owner applying for government funding must meet.

These criteria are what is used to determine who gets funding and who doesn’t.

Create Your Business Plan

Your business plan is one of the most critical tools that you can have when starting your business and also when applying to government funding programs.

With a properly developed business plan, applying for government funding programs becomes much easier; as you will be able to have a full detailed explanation what you need funding for  – which will help you locate the proper funding programs.

A business plan, while it can take time, can can be costly and may be one of the things that you may want to skip over, it’s a critical tool to not mess around with.

If you can’t develop your own, due to a lack of knowledge or experience – get expert help. Sometimes you can pay for it, other times you can find it free.

We here at CanadaStartups.org have an very helpful tool called the Business Plan Builder Tool; it helps you make your business plan and have expert business plan guidance along the way.

Either way – if you’re looking to apply for government funding programs for your business, do not skip your business plan.

Conduct a “Broad” Funding Search

When you’re applying for government funding it’s important to apply to the right programs – which means searching for the right programs.

One important rule is to conduct a broad search when looking for funding.

For instance; let’s say you are a farmer who needs to purchase a tractor, a irrigation system and needs money to buy more animals. When searching for funding programs, be sure to avoid looking for a loan to help you buy a tractor, or a loan for buying animals..etc Instead; search for equipment loans, and tools/supplies funding..etc

The broader or more general your funding search is the more likely you are to find funding.

Apply For ONLY What You Need

Applying for government funding can get exciting. Who doens’t want funding from the government, especially if it’s a non repayable grant.

An important rule when you’re applying for government funding programs is to ensure that you follow your business plan and the needs you’ve outlined.

If your require funding for equipment only – only apply for equipment funding.

Need $5,000 to buy the equipment, only ask for $5,000 for equipment.

Asking for funding that you do not need will n0t get you very far; any unused funding even if obtained will be asked back.

Be sure to apply for only what your small business needs.

Applying For Funding On Time

Every small business funding program offered via the Canadian government has a deadline. Some deadlines are considered on-going, while some have set dates.

If you’re applying for government funding programs, as a rule to remember be sure to always apply on time.

When you apply, if the deadline is in day or a week – you’re not going to make it.

Remember that these funding programs often close a few days or even a week earlier then the deadline. This means that they don’t accept additional applications at that time.

As a rule, the best applications for funding are the ones that are submitted on time.

That being said, applying for funding on time can also mean another thing as well. If your small business is need of funding, don’t wait until the last minute, but start your funding search soon.

Funding search can often take a few weeks; and applying and waiting for funding can take longer. Be sure that you give yourself plenty of time!

Get Expert Help

You probably don’t want to hear that somebody else should get involved in your small business, right?

But it’s very true.

Expert help when searching and applying for government funding can take you a long way.

Look at it like this; if you have a car that’s broken down and something is leaking – sure you can fix it yourself…maybe

You may turn to some self help YouTube videos, you may Google a bunch of stuff, you may end up fixing it.

But as a business owner, do you have that much time? Do you have let’s say 6 weeks (as this is the average time to search and apply for funding)?

Instead, you would take you car to a mechanic and have it a day or two later. Sure you pay, but what is more valuable, your time or the money you spend?