Since every single government funding agency is different with a various economical focuses, they all have their own criteria which business owners must meet before being able apply.

So before we go into what the government funding agencies want to see, let’s talk about what they DON’T want to see – as this seems to be more of a problem.

The funding program no no’s:

Don’t apply just because the program is there
Don’t apply without reading the program criteria
Don’t apply without being a registered business
Don’t apply without knowing what you need (funding needs/amounts)
Don’t apply without a business plan
Don’t apply without doing the applications (don’t fax over all your documents, or mail them, or email them – unless asked for it)

The list can go on and on and on…

These mistakes account for over 80% of funding applications being denied.

So what do government funding agencies want to see?

Knowing that every single government funding agency is different in terms of what they want to see, you will specifically have to read the criteria of each program individual. However, the general rule of thumb is to provide the critical components (or at least have them ready) as the majority of these funding agencies will want to see this.

Let’s take a look at the critical components:

The application must be completed (May sound like a no brainier – but many mistakes are made)
Have a business plan ready
Provide 3 year financial and/or financial projections
Have a PitchDeck presentation
A detailed marketing plan (in most cases)
Have a website, or website mock-up (in most cases)
Apply on time (not too early, not too late)

Yes it may seem like A LOT of work just to apply for funding – but the more you provide, the better your chances are. And each of these items on the list has a significant impact!

Let’s break each one down for more of an idea as to why.

The funding application must be completed

Sort of a weird thing to have to mention considering that the only way to get funding is to apply (with an application form), but it does have to be mentioned.

In a recent survey, we have found that 36% of people applying to government funding don’t do it right. Meaning, some of the more critical points involving the application were not done right:

Application wasn’t completed in full (or completed at all)
Certain critical sections were left blank (because the business owner didn’t know what to write)
Required attachments were not attached
Personal information was not filled out – to match the application to a person
Funding amounts were not specified

It gets to complications such as somebody writing the application in “pink ink”…these will be ignored.

Applications must be filled out in full. If something is unclear and you need help in doing them, the experts at Canada Startups are there to assist.

Having a business plan ready

Just don’t apply without a business plan.

A business plan is one of the most critical documents a funding agency will want to see.

Not to say they don’t trust you, but they don’t trust you.

How will a funding agency decide if you and your business is worth their investment without seeing a full, detailed, in-depth business plan with proper financial?

There is a simple equation to remember:

No business plan = No funding.

Usually, a business plan can cost upwards of $10,000 to get it done properly and while you may be crazy to want to pay that much, whatever you have to do to get a good plan to show to funding agencies, it’s a good thing.

A proper business plan will show your business model, the growth potential, your funding needs, financial and much more.

If you need help developing a business plan, the Canada Startups Small Business Platform has a great Business Plan Builder Tool to help you though this.

Best of all, the tool is step by step guided, with expert assistance – and a review by a real expert as many times as you’d like to get it all right!

Have your financial projections ready

Financial projections are HARD – especially if just starting up.

How do you know the numbers as far as 3 years?
What do you charge for your products/services?
How do you figure out all of your expenses?

In most cases, government funding agencies will ask to see 3 items from the financial point of view. These will include:

Your Balance Sheet
The Cash Flow Statement
Profit / Loss Statement

These 3 documents should be completed with most accuracy and be ready to present, along with your business plan.

The financial projections are critical as they are one of ht only ways a government funding agency will be able to determine what to expect from your business and investment.

While creating financial projections is difficultly, with the right tools and the right help, this can be done with ease.

Get that PitchDeck presentation ready

In addition to having a detailed business plan, most government funding agencies and private investors want to see presentations (pitchdecks).

These are brief 10 to 15 slide presentations that outline the business model, the growth strategy, funding needs and share specifics of the business in a visually appealing format.

Think Shark Tank.

This is where you get to visually explain your business and attract the attention of funding agencies and investors.

A properly done PitchDeck is very easy to share and is often the preferred introduction method to the various funding agencies and investors. In addition to the business plan, the pitchdeck is the ultimate tool to securing the funding needed.

If you can create a pitchdeck, your business plan will greatly benefit.

A typical PitchDeck can cost upwards of $1,000 for the design, but if you can avoid spending that and get it done as a member of CanadaStartups with the Investor PitchDeck Tool, you are golden.

Detailed Marketing Plan

When it comes to applying for funding, a marketing plan, in most cases is something that is required.

And no, not “I plan on promoting the business and being the best at it”…that’s not it.

A properly done marketing plan will outline the marketing tactics of the business (social media, email marketing, website promotion, offline ads, paid ads..etc) and will explain each tactic/strategy in detail; show the goals which are trying to be achieved and discuss in detail.

You want the investor or funding agency to read the marketing plan and feel confident that with the marketing plan in place, if followed – you will hit the sky.

This is even more true if you are seeking government funding for marketing or advertising.

If so, you want the marketing plan to be 100% solid and bulletproof. You want to ensure that every point is covered and that it the funding agency knows how the funds will be spent and that they see value.

Good thing that with the Ask an Expert program in the Canada Startups Platform you have access to marketing experts too!

Dedicated Website

We are in 2020 – and if you’re not online, your business must really be unique – or you are behind.

A website is fairly cheap to have, but the value that you get from having one in terms of business potential is immense.

Not to mention that government funding agencies will want to see your website as well.

In most cases, they won’t look at the design or the hosting or the type of code you have, but a general idea if the website is there, what it’s like – an idea of your business, products/services – to see how the public will see it.

This is really a way to say “hey look, I’ve invested time and money – so you can trust me”.

Applying on time

The last point that is critical to your success as you apply for government funding – apply on time.

Now, applying on time – what does that mean for most programs?

Well, since each funding program is different, with different deadlines and such, it’s a bit hard to know.

But generally speaking, if you see a program has an on-going deadline; anytime you apply is a good time.

However one thing to keep in mind is that funding can often take 2-3 weeks to be approved at minimum – while some programs can take up to 6 months, depending on their own funding deadlines.

So if you have a summer business (let’s say lawn care) and it’s January – it’s probably a good idea to start applying right away to ensure you have plenty time to do the business plan, fill out the applications, send them in, wait…wait…wait some more and in case there is a problem, you can re-apply.

If you need the funds in the in July, don’t apply in July and say I need the funds in 2 weeks – you won’t get very far.

Timing is critical, yes but before you even get to this stage, the above must have’s are even more critical to your success.

To help out, here is a “What do government funding agencies want to see?” checklist for you to use.