Understanding Canadian Government Grants

The Canadian government offers grants to small businesses through various levels of government. These include federal, provincial and municipal governments. When it comes to applying for government grants, it is worth noting that the process can be time consuming and tedious; applying for other forms of financing may prove to be more fruitful. However, if you are looking to benefit from the financial assistance the government offers to small business owners, you will need to have some information on how it all works.

Read on below to find out more about government grants offered in Canada.

What do you want to spend on?

To get a Canadian government grant, it is vital that you first make up your mind on what you are planning to spend the money on. The government grants are availed for specified businesses and specific types of expenditure. As such, small business owners need to first establish what they want to direct the spending at, and then find out whether they meet the set criteria, or are barred by the same.

Where you are in Canada

As stated above, the Canadian government grants are designed to be disbursed through various levels of the government. As such, business owners should take the time to find out where their business is located, and then enquire about provincial or municipal government grants available to them. Some government grants are limited by region, and are therefore not be available to small business owners all over the country.

Eligibility and other Requirements

Canadian government grant programs usually have very specific eligibility requirements. Small business owners looking to secure funding must check for the applicable eligibility requirements of the specific program before they start the application process.

It is also worth mentioning that some of the main requirements for eligibility include how the funds are to be used, as well as guidelines on reporting. For an application to be considered, these must be satisfied.

Proposal

Once you are familiar with all the necessary details pertaining to Canadian government grants, you will have to compile a proposal. Proposal writing tends to be quite detailed; small business owners need to learn how to write up their own proposals, to be included in the application for a government grant.

The Canadian government grants are publically funded programs aimed at helping the entire economy. The money offered is not free, but must be used in a specific way to uplift the economy.