When you have a small business, it is always a welcome thing to find a new source of financing or capital. One such thing that definitely exists are grants for small businesses. However, this can be a very tricky and difficult thing to understand, let alone receive the grant.
There are certain industries for which grants are more easier to apply for and get, but this does not mean that if your business does not fall in this category, there is absolutely no hope.
However, searching for sources is time-consuming and there is no guarantee of eligibility, not to mention a lengthy application process. Here is an overview of financial assistance and grants for small businesses in Canada.
1. Knowing What Grants Are Available
There are many grants available and it is not just from the government. There are also government-funded programs, non-government organizations and even from private organizations. In fact, there are some others as well. Identifying these grant opportunities will take a huge amount of time and research. You need to first see what kinds of grants are available.
The government and other sources tend to focus on particular groups and locations that they feel is most needed at a given time, for example, groups of individuals who encounter obstacles in getting employment opportunities and those who face higher rates of unemployment. Digging a little deeper, these are examples that the government or other sources may focus on:
- Grants for Aboriginal Canadians
- Grants for women
- Grants targeting rural areas
- Youth & young entrepreneurs
- Grants that are cultural-based (such as for new Canadians)
- Funds for media & innovation
- Agriculture & trades
- Grants for environmental business
There are many more as well, but these are just a few who can get government grants or grants from private companies.
2. Exploration Of Sources
To really know the sources, you should explore them to find out the types of grants available as well as what other kinds of funding or contributions there are. You can use an online search tool offered by the Canada Business Network which will show a list of financing programs offered by the government. Then there is also financing available from private organizations who are in no way related to the government. Many of these private organizations that you can receive funding from actually target certain specific geographical areas, a certain industry or a specific demographic group.
In addition, there are also some tax breaks for small businesses. In addition to tax breaks, there are also wage subsidies to help small businesses. Top talent would expect to receive higher salaries and this can be quite an obstacle for a small business to attract such talent. Wage subsidy programs can help, so don’t discount this method.
3. Don’t Discount Online Loans
While it is definitely worth your while to look into government grants or grants from private organizations, this search is going to be a lengthy one without a doubt. If you wish to go down this route, make sure that you have the time and that your need is not immediate. There is also a strong possibility of researching and time passing you by, only to find out you may not even qualify, which can be incredibly disheartening. If your need is of a more urgent nature, then you may want to take a look at small business loans online.
There are reputable resources online and it is a much faster process, but again, you need to do a little research on these places. Make sure that if you do choose someone for a loan, get to know about them before you make your mind up. At least the searching and the possibility of a loan will be quicker and more successful.