If you’re an entrepreneur in the market for small business grants and loans, you’ve got a difficult road to climb ahead. But while it may be challenging to find the financing you need to get your business off the ground, with enough persistence and by looking in the right places, I have no doubt that you can find what you’re looking for. Unfortunately, however, the process is made all the more difficult by the fact that all the information you need is never all in one place. That’s why I’m writing this article – to help guide you to the places you need to go to find the money to take your business to the next step.
First of all, you should be aware of what it is exactly that you’re looking for. While you might be searching for a grant, most websites, especially those of the Canadian government, are hesitant to advertise their programs as grant giving ones. Instead, they will typically refer to their programs as ones for small business financing. You should also be on the lookout for programs that fall under other titles, such as awards, contributions, subsidies, rebates, tax credits, or my favourite, non-repayable loans. Go figure.
Secondly, be aware of the government’s priority areas in terms of what kinds of business they like to give out grants to and where they’re located. For instance, if your business operates out of Northern Ontario, your odds of receiving a government grant go up dramatically. Likewise, some industries are looked upon much more favourably for financing than others. Being aware of this could save you time and keep you from barking up the wrong tree.
Now, on to where exactly you should be looking for small business grants and loans. Going online is one of the best and fastest ways to find the information you need. Aside from the government and Industry Canada websites, be sure to check out some other valuable ones. For instance, the Canada Business Network offers a great directory of grant programs. Hub sites like that can often be difficult to navigate, but take things one step at a time. Check out one site at a time, see if it’s for you, and move on if it isn’t.
You will also want to look at industry-specific sites as there are many grants that will be available only to entrepreneurs within a certain industry. A good place to start is the business sector search on the Canada Business website. If you’re unable to find sector specific hub sites, then a good old fashioned Google search might just do the trick.
Small business grants and loans are out there. You just need to do your homework and research to find them. Don’t limit yourself to grants that come purely in cash form. Some programs, such as those that give tax credits, won’t put dollars in your hands, but they will help you keep more of what you’ve earned in the long run.
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