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Business Grant Finder: Canadian Tools to Help You Find Grants and Funding

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Business Grant Finder: Canadian Tools to Help You Find Grants and Funding

Obtaining grants and other funding is typically an important part of launching a small business successfully, but obtaining this funding is rarely a straightforward, easy process. After all, many businesses are launching at any given time, and resources are such that not everyone can receive the assistance that they require.

So how do you go about obtaining grants and funding for your small business? One obvious way is to turn to a business grant finder, but here are a few points to consider:

What Are Small Business Grants?

We can begin by defining grants. While grants don’t require repayment, they should not be considered free money either as they require time and effort on your part. Essentially, grants are a source of capital that will not burden you with debt, nor will they require that you give up a stake in your company. They come with certain restrictions that limit what costs they can cover and often have some sort of condition attached, such as requiring you to provide matching funds or a supplemental loan. They may also require the submission of monthly or quarterly progress reports.

Is Your Business Eligible?

The eligibility requirements for grants can vary significantly. Some grants are earmarked for specific industries or a particular social cause. Building your business plan will help you determine the types of grants that you should apply for. If you prove ineligible for a grant, your business plan may help you position yourself for future approval.

Since small business grants tend to be geared toward specific demographics and particular needs, you will be wasting time if you prepare grant applications that have little chance of being successful. Identify your industry to help narrow down your search and improve eligibility.

Federal Small Business Grants

The federal government provides hundreds of grants, though they typically only go to small businesses if they are involved in issues of national concern. For example, if a political party is working toward environmental issues, researching cures for diseases, and reducing unemployment, government agencies will award grants to the small businesses that are working toward those same goals.

An option worth your consideration is the Canada Small Business Financing Program (CSBFP), a federally-run program that can provide up to $1 million in loans for small businesses with an annual gross of $1 million or less. Applications for this loan are made through a major bank and the bank will determine how much you qualify for by evaluating your business plan, loan application, and credit score.

Provincial and Municipal Grants

Federal grants are far from your only option. In fact, provincial grants may be less competitive and have less-challenging requirements, thus making them easier to obtain. The downside is that they also generally offer less money. There are quite a few industry-specific grants available, so it is worth mentioning again that you should use this to narrow your search.

Corporate Grants

Another option that you may not be aware of lies in the private sector, with several large corporations running foundations that make grants available to small businesses, typically within a specific industry.

As with other types of grants, eligibility can vary significantly. These opportunities are also not as plentiful as government ones, but they are an option to be aware of.

Increasing Your Chances

Preparing an excellent application is one way to improve your chances. This is not something to rush through in a single day. Many grant programs are open to applications long before the deadline and you should make the most of this time.

Understand that grant applications are similar to business plans, so having a solid business plan can help you with the application.

Also, remember that having goals in line with those who are providing the grant increases your likelihood of acceptance. For example, one great approach is to hire students to work in your business. This provides you with bright, eager workers looking to make their mark in your industry while simultaneously allowing you to apply for grants related to student hiring.

At Grant Finders, we make this easy for you by offering you support in your recruiting process and helping you with the grant process. In fact, we handle the application writing and management, which leaves you more time to focus on the running of your business.

For more information, or to get started, please contact us today!

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