Innovative businesses in Canada often seek funding from banks and angel investors, but many are eligible to receive business grants from the government. Business grant funding is exceptionally beneficial because it allows organizations to scale up without accruing additional debt or giving up equity. Here, we provide an overview of how Canadian businesses can leverage grants to secure their financial growth and stability.
Before you can apply for business grants, start by establishing your funding source. Although many grants come from the government, some are issued by non-profit groups or private organizations. Additionally, government funding may be federal, provincial, or municipal. Once you identify where the funding comes from, it may be easier to apply for and secure your grants.
When you find a government-issued business grant that can help your company achieve its goals, you should contact the local representative mentioned in the application documents. This individual can confirm if you qualify for funding and offer the most updated information about the grant. By taking this extra step, you can gain more insight into whether or not the opportunity can benefit your project before dedicating time to pursue it.
Completing the Grant Application
When you obtain the application, read through the details carefully to ensure you fully comprehend which activities the grant covers. Most federal funding opportunities will have firm guidelines and due dates, and any mistake may invalidate your eligibility. Many federal grants in Canada also require you to write a statement of intent that describes your organization and why you believe you should receive financial assistance. This document helps the funding body determine if your project fits its mandates.
Applying for federal grants in Canada can be a lengthy process since each opportunity comes with unique requirements. To save time on applications, consider hiring a grant writer. These professionals can help you meet strict deadlines, improve the quality of your application, and increase your chances of receiving the grant.
Receiving Grant Funding
As many businesses apply for federal grants in Canada, it takes some time for funding bodies to evaluate the candidates and ensure each one qualifies. As a result, you may end up waiting weeks or months to receive a response about your application. Furthermore, some grants require applicants to secure a loan or external financial assistance as supplemental funding. Here’s where Easly can help. If your company is earning refundable tax credits, such as SR&ED, Easly can advance your refund, providing that capital you need to secure certain grants.
Additionally, applying for multiple grants at a time and ensuring you meet all the requirements can help boost the chances of your businesses gaining the capital necessary to fuel your projects.
Funding for Research and Development Initiatives
The Canadian government relies on pioneering organizations like yours to solve problems in multiple areas, from healthcare to the environment. Some Government of Canada business grants specifically help research and development companies create products and services to combat these challenges, including:
Industrial Research Assistance Program (IRAP)
Sponsored by National Research Council Canada, this program offers funding to businesses that operate in multiple development stages, including research and development. Its goal is to enhance the commercialization of Canadian technology and products.
Innovative Solutions Canada (ISC)
This initiative supports the growth of entrepreneurial Canadian businesses whose primary customer is the federal government. It supports pre-commercial research and development and stimulates enterprises led by under-represented groups.
The Sustainable Development Technology Canada Fund (SDTC)
SDTC funding is awarded to pre-commercial initiatives that can produce notable environmental and economic benefits to four key areas: clean air, clean soil, clean water, and climate change. Winning applicants have the opportunity to receive funding of up to 40% of the eligible projects costs.
Receive Timely Financing with Easly
If you need funding for an upcoming initiative, turn to Easly for non-dilutive financing solutions. We help Canadian organizations of all sizes and types finance their SR&ED tax credits through our online Capital-as-a-Service platform. With the streamlined application process and accelerated funding timeline, you can focus more on the research and development needed to get your project off the ground.
Contact us today to learn more about our financing options.