You have a lot of goals and dreams for your small business – but you cannot get them all done on your own. With many recent policy changes, it can be very difficult to run your own business and stay afloat. Government grants for small businesses are a great way to help your business get the leg-up that it needs to succeed in the long wrong.
Getting these grants can seem like an intimidating process, but if you put the work in, you could secure a few grants to get you on your feet. Here are a few ways you can find and qualify for a small business grant in Canada:
1. Start with the broadest, most common small business grants
If your business is a startup business that has few employees, a small investment with a small production line, and a single location and presence in the market you’re trying to represent, then the government has a series of Canadian small business startup grants and loans. The two main types of grants for startup businesses include the startup funding for hiring and training (which helps to alleviate the cost of creating a more skill-savvy workforce) and the startup funding for research and development (which helps to cover costs in business owners that are helping to hone their industry skills and knowledge).
The qualifications you need before applying for Canadian hiring and training business grants include: the fact that employees must be a Canadian citizen (or permanent or refugee status), employees must be between the ages 15 to 29, the employment period must last between 3 and 12 months, and the employees must have some workplace experience or have proof of being a recent graduate of a post-secondary school program. To qualify for the startup funding for research and development, you need to have a business that produces innovative products and technologies.
2. Understand whether or not the government is targeting your type of business for grants
The government is more than willing to provide grants and funding for promising small businesses that help improve the local economy. In Canada, some of these industries include technology sector businesses, business that put an emphasis on equal opportunity and improve opportunities for minorities, sectors that create more jobs in the country, and businesses that grant opportunities for younger workers that can train the next working generation.
3. Know where to look for government grants
Now that you have an idea of what grants you can start pursuing, you will need to know where to find them. To start off, the best place you can look for grants, awards, subsidies, rebates, tax credits, etc. is on government databases. Another great place to look is on the community boards for your specific industry or niche.
4. Ensure that your business qualifies for certain tax credits and grants
The Government of Canada website makes the process easy. After filling out a questionnaire that describes your company, you can scroll through your pick of grants and funding opportunities. Each grant and tax credit has a set of qualifications, largely catering to certain industries, job sectors, equal opportunities, and other qualities. Some other qualifications could include age ranges or employees or entrepreneurs, cater to entrepreneurs who attended certain colleges, etc. Ensure that your business abides by these qualifications or target grants that fit your business description.