Accessing Government Funding for Your Company’s Profitability Is government funding part of your business strategy? If not, it should be.
The Government of Canada allocates billions of dollars in grant funding every year, which can support up to 75% of any small businesses’ planned project costs. The main objective is to facilitate growth and prosperity in the economy by encouraging investments and continuous innovation. This funding could result in substantial subsidies for your business. Ensuring that you proactively apply for all funding opportunities is imperative to profitable growth. There are thousands of grant programs available, all with varying funding amounts, criteria, and timelines. Most grants are awarded on a first-come, first-serve basis making it critical to align your planned projects with the most lucrative programs available. Unlike Tax Credit incentives, grants require you to apply for funding before you incur any costs, as you must pre-qualify to receive funds. Your planned investments will be reviewed, and once approved, funding is awarded. 64 - CanadianSME - March 2022
When Does Your Business Qualify for Funding? Your business may qualify for funding if you are investing in any of the following areas: Developing a new manufacturing process or product. Developing new software for your business or for your client. Improving existing products or processes. Incurring costs related to a project, prototype, or process that is incomplete because of technical problems. Planned investments focused on growing your business and market share. Improving your competitive advantage. Research & development. Hiring new employees or training new skills. Creating or purchasing innovative solutions. Having a regional impact.
