Tips on Getting Government Funding for a Start Up

The Canadian government has put a lot of effort into creating a variety of funding programs meant to stimulate business and economic growth. However, it is worth noting that even with the available programs most entrepreneurs and small business owners do not take advantage of these programs. Such funding programs offer a more affordable option to access some much needed funding or better yet free cash in the form of non-repayable grants.

Read on to find out how you can get government funding for your start up.

Learn the Terms

When it comes to small business funding from the government, it is important to note that there are specific terms used. Government funding programs come in different forms and for different purposes. These programs involve government support for small businesses expressed in different ways depending on their nature. You will encounter words such as, rebates, contributions, tax credits, awards, subsidies and shared costs among others. Use all these key terms when searching for government funding programs and you may find that there is something for your business.

Priority Entities

The government uses their funding programs to enhance the achievement of specific objectives important to its agenda for citizens. As such, most government funding programs are designed to serve specific industries or purposes. Remember to consider this important consideration when looking to secure government funding for your start up. Look for government funding programs designed for the operations your start up will focus on. Additionally, look for programs designed for the part of country your entity serves.

Industry

It is important to note that there are numerous government funding programs designed to promote business in certain industries. The government usually creates funding programs to support underdeveloped or underperforming industries qualifying for the same. You can search for industry specific government funding programs online or on government websites devoted to providing information on funding for businesses.

Position your Business Appropriately

Entrepreneurs and business owners can design their businesses in a way that qualifies them for various government funding programs. For instance, entrepreneurs and business owners can reap the benefits of tax credit programs by ensuring that their expenditure qualifies. One of the main benefits of turning to such programs is that you do not have to register or apply for the same. All you need to do is ensure that your business operates in accordance with the requirements of the program and then make a claim afterwards.