[Infographic] Process of Applying for Government Funding

PROCESS OF APPLYING FOR GOVERNMENT FUNDING

Government grants, loans and financial assistance may be available for your small business. Take advantage of it!

YOUR FUNDING SEARCH

Your Business Plan

When it comes to applying for government funding programs offered by the Canadian government your first order of business is to compose a business plan. Your business plan should outline your entire business, giving you the idea of what you actually need in terms of funding!

Your Funding Needs

Your business plan will tell you what you need in terms of funding. Funding can be available to help you startup, hire staff, pay for advertising, to purchase tools/equipment, to improve cash flow and much more.

Your Location

While government funding is available for a number of small businesses across Canada, your location is the key to finding the best programs which you may be eligible for. Why location? Because government funding is handed out by numerous agencies across the country, not all agencies fund all locations. Finding the funding program in your area is key!

Your Industry

Just as much as your location is important when searching and applying for funding, your industry is the next point to consider. There are specific programmes for specific industries. Be sure to research programmes available in your location and for your industry to improve your chances of funding success.

How Much $

While funding is available, it doesn’t mean that you can just ask for any amount – nor does it mean that you should just ask for any amount. Be calculated in your approach. Ask for what you need, not for what you want. Remember to consider the minimums and maximums allowed by the funding program, and take into consideration past success stories for an idea of what amount of money you can obtain.

Applications

Once you’ve got it all figured out, it’s time to apply for funding. Be sure to do it a step at a time and be comfortable with each application you fill out. Not all applications get funded. The number of thing to remember when applying is to ensure you provide all of the requirements to the agency you are applying to as per the criteria.