A very common question the many entrepreneurs across Ontario regularly ask, “are there
government grants or government loans for small businesses in Ontario?”
The quick and simple answer is yes.
The Ontario government has hundreds of government funding programs provided through local, provincial and the federal government.
These funding programs come in the form of government grants, government loans, tax breaks and credits.
These programs are a set in place to help small business owners achieve success and cover the various costs that they may have. The uncertainty around the government funding programs availability availability comes from a basic misconception.
Many business owners who contact the government or the various levels of the Canadian or
Ontario provincial government and ask if there is funding for them and are denied may assume that there is no funding in the 1st place.
This type of information quickly spreads and the misconception of the availability of government grants and loans, begins.
While not every single business owner or entrepreneur is eligible for government grants and
loan, hundreds of grants and potentially helpful programs exist.
What do these government funny programs cover?
When looking for government funding be it a grant or a government loan, the availability of
funding depends on what it is that you need to cover in terms of your expenses. It also considers your location, as well the industry that your businesses in.
Not all government funding programs cover all specific.
For example, if you are a farmer from Milton, Ontario and you’re looking for funding to improve the equipment on your farm, it is often best to look at programs the cover farmlands, equipment purchase, growth – or to focus towards the agriculture industry specifically.
Looking at anything else whether it’s not specific enough or too specific, you may be denied.
A tip: When you are asking for government funding in the form of a government grant or a
government loan, be sure that your funding needs are broken down into individual and specific needs or requirements within your business plan. Doing so will ensure that you and your business can apply to multiple programs from the government of Ontario that may cover those specific needs individually. This will greatly increase the chances of success.
When it comes to government funding programs, typically small business owners ask to have
their startup fees covered, help with the hiring or wage support, to cover the cost of training employees, marketing, as well as the costs of purchasing the tools, equipment, supplies and inventory, or renovations to the business promises.
The more you can break down your specific funding needs the more options you potentially
may unlock.
The Ontario government has programs to cover nearly all start up expenses.
Take the time and review all options available in the funding database here at Ontario Startups to ensure that you don’t miss any of these helpful options.
Who can apply for Ontario government grants alone?
While not every single business owner is eligible for a government grant or a government loan, if you are a Ontario resident or considering moving to the province of Ontario, are starting a small business or already have one, you may be potentially eligible for a grant or a loan program.
Every government funding program will have a different set of rules and application criteria that the applicant must follow and must meet in order to be eligible.
Be sure to review these before you submit your applications.
If you are denied funding for any reason, be sure to check our reason and understand why you were declined in the first place.
Some of the more common reasons for application denial include:
● Applying to the wrong funding program
● Not being eligible to the criteria asked for
● Not applying with the proper business plan
● Submitting your applications incorrectly
● Asking for way too much in terms of funding
● Applying past the deadline
● Your personal financial situation may impact your application and success rate
If you are denied funding, be sure to speak to an Ontario Startups expert in order to get a better understanding of why you were denied and what options you have in terms of applying for other programs in the future.
Tip #2. Nearly 80% of funding applications are denied due to simple mistakes on the applications themselves. To avoid application mistakes always have an expert review your applications. As it can take weeks at a time to hear back from a funding agency, you cannot afford the time delay if you are denied, so always, always ask for help.
The Ontario government currently has over 500 different government grant and government
loan programs for entrepreneurs to apply to. These programs are available and ready for the
taking. If you are unsure if you are eligible for any of these funding programs rams start by creating a business plan.
Your business plan will be the 1st step you take towards figuring out what you require in terms of funding. Once your business plan is ready, your funding needs are clearly laid out, use the funding database provided here at Ontario Startups to see all matching options based on your
funding requirements.
