The Canadian government is one of the most supportive governments to breed entrepreneurship and you, as a Canadian have the opportunity to take advantage of the multiple funding programs that your small business can get funding for. Not only  are you able to benefit as a startup business coming up, but if you’re an existing business looking to grow, a lot of support is provided.

How does small business funding work?

Small business funding via the government of Canada has a bit of a funny way in regards to how it works.

Since there are hundreds (nearly 1,000) funding programs coming from a number of funding agencies across Canada you as an entrepreneur really have to know where to apply, who to send the application in and what to apply for.

That’s usually the biggest challenge small business owners in Canada have when looking for small business funding.

The good news is, your small business can get funding for a number of things but before you start filling out every single funding application you see in hopes to get a million dollars to start or grow your small business, you have to know how it all works.

So here it goes:

In order to benefit from government funding for your small business in Canada you have to have a business plan written. Once you have a well developed business plan created, your “funding needs” should already be clear to you. Weather you need funding to pay for some tools, or to pay for some advertising expenses – you will be able to see this in your business plan and from there be able to search for funding based on this.

Searching for funding programs that your small business can get funding from is not easy. Sure there are nearly a thousand different programs but the challenge is finding these programs and picking the right ones for your funding needs, for your industry and for your location.

Searching for government funding programs

Searching for government funding programs is simple if  you know where to look. This is why our Funding Database comes in very handy. Instead of you as an entrepreneur with a thousand things on your mind having to search on Google for weeks, trying to find programs (we have them in one place for you), this really saves a lot of time.

When you start your funding search you have to break it down into 3 sections.

1. Find programs that are for your location (usually broken down by province).

But remember not all programs for your province will be offered by your province, but sometimes there may be federal programs that fund every province. So don’t be discouraged if your preliminary search doesn’t find much funding. It’s there, you just have to know how to look.

2. Find programs that are for your industry (you can be in multiple industries)

A lot of times, funding agencies are there to support business in various industries. Be it agriculture, or technology, or real estate, or whatever else – funding is available and you just have to be able to locate the program that fit your industry. This kind of search “by industry”, is often not the best way to search but it does help you narrow down to a more specific list of programs.

3. Find programs by funding needs (what do you need money for)

Searching for programs that your small business can get funding for is usually the best way to search as it will be more specific. A lot of business owners usually start with this as the primary filter and add industry and location to it afterwards. But when searching by funding needs, make sure you are specific as to what you need funding for. Don’t just search and say “I need funding to startup”, instead explain your funding needs to be more specific. But don’t be way too specific as you won’t find anything (for example: search for “funding for equipment” instead of “funding to buy a printer”)

7 Things Your Small Business Can Get Funding For

To give you a better idea of what your small business can get funding for via the government of Canada, here are 7 things that could be covered:

Government funding to help you hire employees

There are a number of programs that will assist startups and existing business owners with hiring employees. Be sure to look for these type of funding programs in our funding database.

Government funding to train your staff

With many skilled trades out there, there are funding programs offered by the government that allow small business owners to get funding to help train their staff.

Funding to purchase tools, equipment supplies and inventory

One of the most popular “funding needs” when getting started up or when expanding your business is funding to help you pay for tools, equipment, supplies and inventory. There are a number of funding programs that can assist. Get ready for funding via our funding database and see all of these funding programs.

Government funding to pay for marketing and advertising costs

No matter if you are starting up or expanding your small business “more money for advertising” can always be helpful. The government of Canada has a number of programs that can assist small business owners with it!

Improving cash flow

Simple, right? One big challenge when starting up is having enough capital to not only startup but to run your business. The government has funding programs that can help you improve cash flow while you get started.

Research and development funding

You may have a great idea and you are ready to launch but perhaps your offering needs a bit more work before the money starts rolling in? Well, the government of Canada has funding programs that helps startups and existing business owners to pay for research and development of their products and services.

Funding for leasehold improvements

Another popular funding need that many business owners want to have covered by the government. You rent a new place for your business and have to do some renovations to bring it up to date and up to the look and feel you want; sometimes it’s hard to spend your own money to make it happen when you have so many other things to worry about financially, well now the government of Canada has funding programs specifically made to help you with leasehold improvements, renovations and getting that land.

These are 7 things that the government of Canada has funding programs to for your business. It’s important to only seek funding for things that you actually need.

Funding programs, even though available for many industries and locations and for the above mentioned purposes, may not always be for everyone. Each funding program offered has it’s own set of requirements and criteria one must meet before being eligible.

Get in touch with our funding experts to find out if your small business is eligible!