How to get a small business grant?

There are several types of earning options available. Among them, business is at the top of the list. To run a small business, a grant will be much more beneficial. But it seems to be difficult to find a grant for small businesses. It is especially very difficult to find a small business grant in Canada. But through following some effective tips, it is also possible to get grants.

Why is getting a small business grant difficult? 

Though there are a few grants available, it is not possible to obtain them easily. There are particular groups of people who are doing specific jobs in certain places. Most of the grants are allocated for them. Take, for example, every potential entrepreneur from the Northwest territories is qualified for up to $15,000 grant in a year. You can see the tendency of government grants. They are also allocated for some particular fields. The fields like environmental technology, agribusiness, as well as biotechnology are eligible for these grants. Government funds tend to be clustered in these industries. The government supports them with adequate grants. You can see a very few no-string-attached and pure small business grants are available there. They are in the first position as well. Besides, in different Canadian grant functions, you have to expend money to obtain funds. These programs are involved with matching contributions or subsidies. However, these are also valuable and important resources of small business grants. If you don’t look properly, you will not be able to know whether your business would be eligible for one of the existing business grants. 

Tips to get small business grants

Unfortunately, there is no well-provided list to consult for this solution. That’s why it will be better for you if you do some proper research by yourself. In this article, I will show you how you can search for available grants efficiently in Canada. The following five tips will make your research more successful. These will help you to find quickly the small business financing that you are searching for- 

If you didn't get approved for a business grants, you could always apply for a small business loan.

1. Know your Terminology: 

If you search on the Canadian websites, you can see the words small business grant is very rare to find out. There may be several specific reasons behind that. Probably, pure small business funding functions are very rare on websites. That may be one of the reasons. For this, you have to use some extra vocabulary to get your desired search result. This specific term refers to contributions, awards, shared costs, rebates, subsidies, tax credits, and non-repayable loans. All of the terms are offered with a noble objective. They may refer to funding that does not require to pay back. That means your business does not need to repay after getting the grant. You can search using these terminologies and get advanced results. Sometimes, they use french words. If you know you can search using that. 

2. Understand where you will be fitted on the priority scale of grant: 

There are various types of businesses. They are also different in the feature. All of them are not suitable for all environments and priority scales. You can see, few businesses are fitted in a grant-rich industry or region. Whereas, some of them are suitable to fit with government perspectives. They are also targeted for funding. The rest of the companies may not suit or will never fit also. As an example, it is notoriously rare of the availability of small business grants for retail businesses. But you can find a lot more assistance programs in Northern Ontario for small businesses compared to Southern Ontario. That’s why to get priority on the grant scale you have to get a better understanding of where you are fitted well. 

3. Utilize the Hub sites to search: 

It will be easier to find all the necessary information from the government hub sites. There are several government hub sites available including the Innovation Canada website. They come very close by providing full data of every assistance facility of the government. From small business grants to other opportunities can be found there. You can search for the government assistance page to get more data. It will be more useful if you search only for your province. 

4. Check out on your specific industry: 

If you search on the websites without any filtering option, it will take a much longer time for you to find the available service that you need. You can see plenty of small business grants and assistance programs available. But they are specific to particular industrial sectors. That’s why if you search within your industry, it will help you by narrowing your search. Besides, there are proper guidelines in the Canadian government websites. To find out the best-suited place where your business fits well you can use that guide. However, you have to know exactly what your industry is called. You should also get the knowledge about what the code is in the North American Industry Classification system (NAICS). It will make it easier to search out the available government assistance programs for this specific industry. After getting all of the information, search for your particular industry and get the grants. 

5. State your business to take benefits of grants: 

All of the time, it is true that getting business in proper activities always comes with good rewards. It will also be very beneficial to qualify for certain grants. Take, for example, if you participate in the SR&ED tax credit programs, it will help you by providing access to free money in the tax credits form. It is one type of grants as well. The government is also keen on granting in certain areas including technology, exporting, and substitute energy. If you can explore your business in technological or exporting areas, then the chances of getting a grant will be higher. That’s why try to find out the sectors where the government is willing to fund money. Try to place your business in that way and get grants easily. 

Getting a grant will be beneficial for running a business. It will add some financial support to your business. It is easier to get grants in big businesses compared to small businesses. Follow the above-stated ways and try to find out the proper grants. Thus, you can get at least one grant for your small business.