Finding a small business grant in Canada is a little bit like panning for gold. You have to sift through a lot of useless materials to find a nugget for your business. Learn the tricks successful business owners use to find small business grants in Canada.
Locating small business grants in Canada can be a difficult task. There are grants available for businesses that require very specific things such as being in a certain business, being in a certain location or being owned by someone in particular. Finding a true no obligation, no strings attached grant for your small business in Canada is very rare. In Canada you are much more likely to find government contributions or subsidies which match your income, so you still have to make money to get money.
Subsidies are similar to grants, although they typically have more strict requirements. Unfortunately for small business owners there isn’t any definitive list of subsidies available. To find a subsidy you qualify for you will have to do a bit of digging around on the Canadian government websites to find what you need.
It’s important to know the terminology to get a small business grant in Canada. Look for small business plans that offer financing, awards, contributions, rebates or tax credits. You may also find small business financing, and even loans you will never have to repay if you follow through with certain requirements. All of these things are every bit as good as a small business grant. It’s all money your business can use that it will never have to pay back.
Finding a grant for your small business really has a lot to do with what field your business is in. Some industries are a higher priority for the Canadian government to subsidize, so they will receive more government benefits. For example, finding a grant for a retail business may be extremely rare, and finding a grant is easier in Northern Ontario than it is in Southern Ontario.
Luckily, the government has put together some centralized information that can lead you in the right direction when searching for small business grants. The Industry Canada website is an excellent resource for finding information about grants and subsidies that may be available. You can search for assistance by province to narrow the results and find grants and loans that are applicable to you.
You can even search by industry in the Industry Canada website. If you haven’t yet started your business you may even want to look through the different industries to find out which industries have the most assistance available. It’s also helpful to search by keyword using their search engine to locate specific grants and subsidies you may be eligible for.
There are also many tax credit programs available to help your business save money, which is just as good as getting free money. The best part is you don’t have to enroll in most of the tax credit programs; you simply follow the requirements necessary to make your tax credit claim. Many businesses are completely unaware that these programs exist and fail to take advantage of them.
Right now exporting and alternative energy are extremely popular sectors for finding government funding. There are many tax credits and grants available for companies willing to export internationally or even upgrade their facilities with green alternatives. Going green can save you money on your power bill as well, making it a smart choice for any progressive business owner.