Two Key Things You Need To Know About Applying For Government Grants

Raising enough capital to get your business started is one of the most challenging things a new entrepreneur has to do. It is pretty much expected that in the first few years of your company you will not have enough sales to break even or return a profit. This is because, as being a new company, it takes some time to create a strong reputation and convince new people to either buy your service or your product. This is why the first few years are definitely some of the most challenging, as you need to make sure you have the funds to keep your company alive during this time. This is why researching for ways to obtain funding is so important.

One of the most important places that you can obtain funding is through the Government of Canada. Most entrepreneurs first rush to banks or private investors for loans, but there are a significant amount of incredible grants available from the government. These grants are available at all three main branches of government: federal, provincial, and municipal. The amazing thing about grants is that, as opposed to a loan, you do not need to pay it back. Think of it as a gift of money to benefit your business. Sounds too good to be true? The tricky thing with grants, is that there is a lot of competition in order to successfully qualify for one. Let’s look at two key things you should know about applying, so you can feel more confident about your application.

The first key thing you should know is that the most important aspect of any application for grants is a business plan. If you do not have a professional looking business plan with all of the aspects needed, your application will be tossed to the side. The Government is very particular about who they are giving their money to, as they want to help a business that they can trust. A business plan creates that trust by laying out exactly what the business is, short and long term goals, who is running the company, the current market climate, what makes the business stand out, and a detailed annual budget. This is the main way the Government begins to understand your business and why you need the money. If you are struggling creating a business plan, try using our “Business Plan Builder,” tool. It is a great resource for any entrepreneur looking to create a professional business plan without any prior experience. With your business plan you may be eligible for a lot of the Government Grants.

The second key thing you need to know are deadlines and due dates for applications. This will help you create a calendar for the year so you don’t miss out on opportunities. Our Funding Database tool is a great resource to keep track on various funding sources, over 1500, and their due dates. This will ensure your application gets in on time!