What to do if you are refused government funding for your business in Canada

Being refused government funding for your business can be a significant setback, but it doesn’t have to be the end of the road.

As government funding isn’t always as simple, it is always important to work with a funding expert to ensure you are not refused.

Top reasons for government funding application refusal

While there may be multiple reasons why a funding application may be reused, the top reasons include:

1. Not having a completed business plan (with financial statements)
2. Incorrectly asking for funding (asking for too much, or too little)
3. Applying to the wrong program
4. Not filling out the applications correctly
5. Applying past the dealing (or too early)

The important thing to do if you do make a mistake and are refused funding; to learn form the mistake and determine the reason why you were refused – in order to improve.

There are other options available for businesses that have been denied government funding.

With a little tenacity and creativity, you can find the resources you need to get your business off the ground.

1. Research other funding options.

There are numerous other funding options available for businesses, both in Canada and internationally. Be sure to exhaust all possibilities before giving up on your business venture.

If you use tools such as the Funding Database, you can access over 1,500 funding programs, including government grants, government loans, tax breaks and credits in one place. This way, you can continue to apply through the year to all options that may be applicable to your small business in Canada.

2. Look for opportunities to partner with other businesses.

Partnering with another business can be a great way to get the resources you need to start your business. Not only will you be able to tap into their resources, but you’ll also have the benefit of their knowledge and experience.

3. Consider alternative sources of financing.

If you’re having trouble securing traditional financing for your business, there are other options available. You can look into alternative sources of financing such as venture capital, angel investors, or crowdfunding.

4. Make a plan to cut costs where possible.

If you’re on a tight budget, it’s important to be mindful of where you’re spending your money. Cut costs where possible so that you can stretch your resources further.

5. Keep looking for new opportunities.

Refusing to give up is one of the most important things you can do when starting a business. There will be challenges and setbacks along the way, but it’s important to keep moving forward. Keep looking for new opportunities and ways to get your business off the ground.

While being denied government funding can be discouraging, it doesn’t have to be the end of your business venture. With a little perseverance and creativity, you can find the resources you need to get your business up and running.

There are a number of ways to overcome being denied government funding for your business. By doing your research, exploring different options, and staying flexible, you can create a plan that will get your business up and running in no time.