Even though funding opportunities may feel out of reach, there are many government grants available to support small businesses. Although they may not be in the hundreds of thousands, their benefits often outweigh bottom-line offsets. In this article, we’ll help guide you through setting your business up for grant success with valuable insights from Granted Consulting.
Understanding Government Grants
Government grants are there to support businesses that have moved past the initial startup phase and are ready to grow. These businesses might have their first employee or are looking to hire one, recognize the need for additional training to improve industry-related skills, focus on increasing their revenue, and possibly develop innovative ideas to put Canada “on the map.”
These checkpoints align with four key government objectives:
- Increase employment
- Build a skilled domestic workforce
- Greater economic prosperity
- Support for world-class innovation
As your business grows and needs more resources to expand operations, like training staff, hiring, and investing in energy-efficiency equipment, the amount of funding you qualify for could triple.
Why Don’t More Companies Apply?
Companies often fail to apply for grants for the following reasons
- They haven’t registered their business properly – While the government has grants available for many businesses, programs sometimes filter out those that don’t have the right provincial registration and/or municipal business license.
- They don’t think of grants as an ongoing strategic funding option – Companies that take time to search for grants regularly and apply for funding throughout the year are often most successful with grant programs.
- They look for grants to cover basic operational expenses – In an ideal world, there would be a grant that could cover a new piece of equipment, rent, or leasehold improvements. Realistically, grants need to meet government objectives and it would be difficult to justify to taxpayers why public dollars are being allocated to cover the general costs of doing business. But, loans may cover some of these expenses.
Want to make sure your company is set up for grant success? Granted Consulting created the Grants for Small Business Guidebook to lead you through the entire process. No matter what stage of business you’re in, leveraging grants is a strategic way to stretch your company’s finances and grow.
Small Business BC is Here to Help
SBBC is a non-profit resource centre for BC-based small businesses. Whatever your idea of success is, we’re here to provide holistic support and resources at every step of the journey. Check out our range of business webinars, on-demand E-Learning Education, our Talk to an Expert Advisories, or browse our business articles.
