Funding for small business is always a chief concern when starting out. We’re here to help you get started on the right foot. We have some information on Canadian government funding options that might be for you!
Running a small business in a competitive market regardless of industry can sometimes feel like an uphill climb. The cash flow game can be daunting at the beginning and any extra dollars in the bank account we know can create the extra breathing room most entrepreneurs and business owners need to stay motivated and a float. What about moments of growth and expansion…or finding those extra dollars to hire that much needed employee?
The good news is, the Canadian government has grants available which you might be able to take full advantage of if you are a small business, large corporation, non profit or a recognized post secondary research institute. The task at hand is really understanding where to look, full consideration of the qualifying criteria and how to apply.
Consider the following:
Is your business planning a large scale expansion?
Growing your business to expand into the global market will require major financial resources and a deep understanding of the industry world wide. Your growth strategy could be made easier with funding from the Canadian government and is also leverage for additional funding from investors and other stakeholders.
Consider what your business will need in order to accomplish this next step, the time and financial investment it will take before your first international sale:
- Additional employees
- Market research and competitive analysis on the global market
- Brokers, trade experts and relations in other countries
- Representation at international trade shows and conventions in new competing markets
- Certifications, and industry standards approvals
- Larger headquarters, more equipment, additional overhead costs
Need capital investment funding?
Is the focus of your business on technology and software creation? Provincial and federal governments see the value in growing our technology sector – because it is ever changing funding in this area is less focused on larger expansion projects happening over time and more directive in the here and now. If you are looking to offset project costs to speed up the time it takes for the creation of the next greatest tech gadget or mass market app – there is likely some accessible grant money your company can utilize.
Does growing your business require hiring new or training current staff?
The smartest thing any business owner or entrepreneur can do is hire a smart, strong team and create a culture that attracts top notch employees. If you are needing to expand or just develop your existing workforce, the Canadian government has implemented grants for small businesses to a.) recruit the creme da le creme in human capital, or b.) retrain/upgrade skills of current staff to uplevel their effectiveness in the role. This is especially relevant for mechanical, technical or technological industries.
Does your R&D need some money TLC?
Everyone’s favourite part of the organization – the foundational activities for tomorrow’s advancements and findings! Research and development should be backed with a lot of excitement in an organization – but it also often needs a hefty investment by the company to sustain. The Canadian government has invested interest in seeing domestic and international businesses achieve competitive advantages in the marketplace. This positions Canada as innovative – ahead of the curve and great place for foreign investment. With that said you don’t have to be a large business with a substantial R&D budget to invest, government grands are available to offset research and development costs to help SMB businesses reach their next research milestone in the advancement of their business or trade.
Was this helpful? If you’d like specific information on grant information and access, please visit:
Canadian Government Grant Portal:
Provincial Government Grant Portals: