A business grant is a sum of money provided to a business by an organization for a specific purpose, without the requirement to repay it. Grants are typically awarded by government entities, non-profit organizations, or private foundations. They are designed to support businesses in achieving various goals such as starting up, expanding, research and development, innovation, and implementing environmentally sustainable practices. Unlike loans, grants do not accrue interest and do not need to be repaid, making them highly sought after by businesses. However, they often come with specific eligibility criteria, reporting requirements, and conditions on how the funds must be used. The application process for business grants can be competitive, requiring detailed proposals that demonstrate how the business will use the grant to achieve its objectives and contribute to the broader goals of the grant provider.
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What is a business grant?
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- Before accessing government funding in Canada, be sure to have a completed business plan.
- Provide a detailed breakdown of your funding needs in order to maximize your potential.
- Work with a Canada Startups funding expert to find all relevant funding options