There are several small business grants in Canada. Usually, they are specific, but some can be broader, meaning there will be more applicants and a ton of competition.
Finding Canadian business grants that your business is eligible for can be futile. But even getting to the application process can be challenging. The last thing you want to do is spend hours or days on the internet researching. Many grants that small businesses may be eligible for don’t specifically list small businesses, which can be confusing.
No matter what stage your business is in, whether a newer startup or a well-established business, and you’re looking to expand, there is most likely a small business grant for you.
4 steps to apply for small business grants in Canada
1. Build your business plan
Even if you’re not applying for a grant, creating a business plan is always a good idea. You’ll need one for any funding you’re looking for. A business plan will help set you up for success, no matter what stage your business is at. It gives you a clear business overview, including structure, milestones, market research, financial health and projections.
Should you not be eligible yet for a business grant, or if your application is unsuccessful, a business plan will help set your business in a position to be a good candidate in the future. You can also use it to help you build credit, which will look good on any grant application.
2. Know what you’re looking for
Not all small businesses are eligible for grants, so spending time preparing a grant application that won’t be successful is time wasted.
While there are always exceptions, small business grants in Canada tend to be specific to certain demographics and/or tailored to a specific need or market. Some regions in Canada offer specialized incentive grants, such as the Northwest Territories and Nunavut.
In Canada, there tend to be umbrella grant categories that include environmental technology, biotechnology, agricultural business, and some arts-based businesses. Retail businesses and franchises tend not to be eligible.
Availability of business grants also tends to fluctuate with economic and changing market needs. Keeping up to date with these factors will serve you well, not just when you apply for grants but also in managing your own business.
3. Search within your industry
Identifying your industry and what grants are available will help you narrow your eligibility. There are many grants available that are industry-specific. But figuring out what classification your industry falls under can be challenging. The Government of Canada has prepared this guide to help you with that.
Becoming familiar with the North American Industry Classification system (NAICS) can streamline your search when researching government assistance.
4. Write a stellar grant application
A grant application, or proposal, isn’t a single-day endeavour. Start early. A lot of grant programs open up for applications months before the deadline. Take advantage of that time.
Here’s where your business plan is going to come in handy. Many grant applications are similar to business plans. They detail the structure of your business, including financials, marketing strategies and research, branding, and more.
Successful grant applicants learn from the successes and failures of their competition. Looking at other grant applications, if possible, and investigating templates can help you visualize your grant application. And always get another set of eyes on your application.