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But I Only Want A Government Grant

As a small business getting started it’s tough. Money is needed to cover the various start-up expenses you may have.

A government grant can help a lot.

Generally speaking, government grants in the form of free money will ensure that you can start your business, fund the various costs you have, and succeed without the worry of having to pay that money back.

In other words, congratulations you won the lottery.

Unfortunately, this is now how it all works.

Government grants exist, however they’re handed out to those individuals and business owners who need them the most. It’s not to say that you don’t need it but specific businesses requiring the funding for specific needs are more likely to obtain a non repayable government grant.

So as much as you need just a government grant and no other type of funding, it doesn’t mean that this is what you will be eligible for.

There are a number of factors to consider when asking for a government grant.

These factors include the pop 5 such as

  •  The location of your business
  •  The specific industry your business is in
  •  The funding requirements that you have
  •  Your business plan
  •  Time of the year and deadlines

The above factors play a role in determining your eligibility for a Government Grant. Additional factors may be considered as well as each government funding program has it’s own criteria as well.

A government grant, being considered as a non repayable form of funding, it is always the top pick for most businesses. It’s money you don’t have to pay back.

However, the government agencies to provide the funding think of it a bit differently.

The agencies that provide the government grants focus on specific needs.

Usually, a government grant will be provided to those who help the business achieve success through a method of ensuring a wider benefit within the community.

Things like hiring employees, providing training, going green, and similar will more benefit from a government grant than those whose focus is to purchase equipment, pay for marketing, or spend the money on supplies and inventory.

Remember that the key focus of any government grant agency it’s not to just hand out the money, but to meet the own objectives that they want to accomplish with the money they have set in place.

These objectives must be met. So, when you are applying for funding, you should always ensure that you match the criteria, otherwise, don’t apply.

Depending on your specific funding needs, it might be a good idea to break down the amount of funding that you need into the specific requirements. Doing this will help determine if you’re eligible for a government grant only or multiple types of programs including those of government loans, tax breaks or tax credits.

Speaking with an Ontario Startups expert will also help you determine what you’re more likely to obtain in the form of funding from the various levels of government.

Is there a way that you can only obtain a grant for your business?

Many business owners only apply for a government grant.

Some are successful, some are not. The success of your applications depends on many factors.

If you are only in the market for a grant, a regular search to access all available funding is often recommended. As funding programs change regularly, keeping a lookout for the top grant programs as they come out is always key.

While it is recommended to apply to multiple sources and maximize your potential, you know your business best and you know exactly what you need money for. Focus on that which requires the most.

Keep in mind however that you are most likely to obtain funding for your business when your funding needs are broken down properly and when you consider all types of funding programs and you utilize the funds only for the requirements that you have in mind within the first year of business.

If you need guidance or wish to access all available funding options for your specific business the Ontario Startups funding database has all of the government grants and other forms of funding options listed.

Government Grants for a Small Business in Ontario

Government Grants for a Small Business in Ontario

When deciding to start a small business in Ontario one of the lacking components of most business owners is the limited amount of funding or capital that they have available.

Funding can often be the reason why a business is successful, or why a business fails.

During the initial months of starting a small business as a business owner, you will have numerous expenses to cover.

These expenses include your regular startup costs, such as; purchasing the needed tools, the equipment, paying staff wages, covering your marketing expenses, purchasing inventory and supplies, your rent, and much more.

Unless you are using your personal funds, or savings for this, in most cases you will have to borrow.

Borrowing money is no easy task.

Sure you can borrow from your family and friends but to get some real money going you’re looking at bank loans, lines of credit, utilizing your credit cards, working with a business partner, using an investor, or accessing government funding options.

Government funding options are some of the best forms of funding that you can obtain.

While they may not be the easiest options to find, once you do, the chances that you’re able to fund each of your expenses are far greater than those of other options.

The various government funding options available include government grants, government loans, tax breaks, or credits.

The best type of program available would be a government grant. Government grants are considered non-repayable which means you can use the funds as you wish for the various needs that you initially applied for and these funds don’t have to pay back.

This way, your business has a chance of succeeding, and the government benefits as well.

Small business government grants are available in Ontario, you just have to find them.

Finding the available small business government grants is a challenge.

As the various government grants come from a number of agencies including local agencies, provincial agencies as well as federal government agencies, they can be difficult to locate.

With access to a platform such as the Funding Database here at Ontario Startups you would have access to all available government grant options as well as other forms of funding.

This will definitely help with the search process, to save you some time, frustration, and obviously allow you a focus on your business.

Government grants are considered the best funding options to apply for.

While government grants don’t always cover all aspects of your expenses, they can be used for the most beneficial ones. This is something you have to determine.

The various government agencies will fund small business owners looking to hire staff, provide training, improve their manufacturing, to go green, and much more.

How does the government make money on government grants

The government provides government grants as a way to boost the economy, create jobs and allow small businesses to succeed.

The government makes money on taxes.

The more success that you see, the more likely the government is to collect more taxes.

A win-win situation for both parties.

What small business grants are available in Ontario?

Government grant programs along with other forms of funding constantly change. Sometimes by the day.

Accessing the Funding Database here at Ontario Startups will allow you access to all options that are available. This way you can access all grants, all loans, and all tax programs with the click of a button.

The government grant programs that are easiest to access are the ones related to hiring, training, going green, and things that benefit more than just your business but the economy or the community as a whole.

What do I need to apply for a Government Grant?

To apply for a government grant in Ontario your small business will need to be registered. You will be required to have a formal business plan and 3 year financial projections. This is all that Ontario Startups can help you with and guide you step-by-step as you work with an expert.

What are the types of government grants?

The term government grants often simply means, free money.

While it is free money, there is a number of different types of government grants as well.

These different types of government grants include:

  • Non repayable government grants
  • Partial contributions
  • One time and renewable

As a small business, when applying for a government grant in Ontario, your goal should be to obtain one of the non repayable government grants.

However in most cases, you don’t really have a choice but you have to rely on what is available at the time of your search, your application, your industry, and your business location.

This may mean that you have to pick and go with what is available rather than what’s best for you.

A non repayable government grant is the best option, however not the only option to consider.

The non repayable government grants are exactly what they’re called, non repayable.

This means that once you apply for a non repayable government grant to cover a specific funding requirement and you are approved, the money that you are provided with does not have to be paid back.

On the other hand, you have partial contribution government grants. Another very common government grant program type.

While this is still money that you don’t have to pay back, in order to get the program or get approved, you have to have money of your own to invest.

An example of how the program works:

If you are looking for a grant of $50000, the partial contribution can approve a certain amount, as long as you have the other amount to put in yourself. As an example, the government can give you $35,000 dollars as long as you can put in the other $15, 000. Now the risk is shared.

The 3rd type of government grant is the one time or also call the renewable grant. This is a very specific program type that allows you to get funded once and keep going back for more if needed.

This type of government funding program is often used for hiring, training, renovations, and other activities that happen more than once in the lifespan of a business.

The money you take on is also considered non repayable in most cases.

If possible and if you qualify to take on a government grant, no matter the type will always be beneficial to your business. It is money that you don’t have to pay back and money that you can use to build your business up.

If you are not eligible for any government grant programs in Ontario for whatever reason, don’t give up.

Government grants are constantly announced, The programs are regularly changing and in order for you to not miss any options, it’s a good idea the keep regular searches going.

The OntarioStartups Funding Database can assist with this and keep you on track with all available government finding options including those government grants.

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