How to Get a Small Business Grant in Canada

For an entrepreneur, there are few funding options more appealing than a grant. Unlike a loan, a grant doesn't accrue interest or require payback, and unlike an investor, a grant doesn't give someone else a share in your company. Because of these benefits, competition for a grant can be high. Here are some tips to help you secure a small business grant in Canada.

Instructions

Difficulty: Moderately Challenging

1. Determine whether you fall into any special-interest groups. You'll be more likely to get a small business grant if you apply for one that's exclusive to your business type or category. For example, there are grants in Canada exclusive to people of certain regions, minorities, ages, economic brackets and business sectors.
2. Pinpoint what your business offers to your province or country. Just as entrepreneurs seek funding to further their business, the organizations that offer grants seek candidates that further their own goals. With an individual dancer or fine-artist, that goal could be to enrich arts and culture in Canada. With an individual starting up a call center, that goal could be to offer a high-volume of jobs to people in a certain region.
3. Talk to the grant administrator. There is almost always an individual responsible for informing candidates about the terms and requirements of the grant. If possible, make an appointment to see your grant administrator in-person, to review your application and get suggestions for improving your chances.
4. Have your business plan polished and ready for presentation. A business plan is crucial to getting funding for your small business. Many grant applications will require a completed business plan, and even if they don't, a business plan will give you a competitive edge and a clear focus of your own business goals and processes.
5. Re-apply. If you didn't get a grant you applied for and are certain you're a great candidate for it, there are many grants that allow candidates to re-apply at a later date. It could be that the competition you're up against varies at different intervals, and you'll stand a better chance the next time you apply.