The Canadian government provides several types of grants for small business owners, homeowners, students, and special advocacy groups. The provision of grants and official loans to consumers is a long standing policy of the government of Canada. The problem is that most consumers and even business owners do not know how to apply for Canadian government grants. That is why only a small segment of the business community is able to take advantage of the grants facilities of the Canadian government. To clarify this issue, here are the basic procedures and steps on how to apply for Canadian government grants. The first thing you have to do is to identify your business needs. This is important so you can choose which types of Canadian government grants would be suitable for your needs. There are different grants and loans for various industries and services. Such grants are also distributed not by a single agency but by different financing institutions and departments of the Canadian government. So you need to know what you need so you can apply to the appropriate Canadian government agency or department. You also have to look for an online service that provides a complete directory of Canadian government grants. With so many options available, you might end up pursuing the wrong grants or loans program of the government. By carefully selecting which programs are available for you, your efforts to get government grants will not be wasted. You can seek help from the Small Business Finance Centre. This is an independent Canadian research institution that provides a complete listing of available government grants. Small Business Finance Centre is not a funding agency but it can match your needs to the appropriate government program. After finding the right program that is suitable for your business needs, you should now prepare the required documentations and paper work. If you are applying for Canadian government grants and loans, you will certainly need to formulate a business plan. This plan will be your proposal to the concerned government agency that provides grants. Aside from the business plan or proposal, you have to show the feasibility studies that you have made. Such study may include market survey as well as your financial strategies to ensure that your project will be successful. These documents can make or break your application bid. If you submit a viable business plan with comprehensive feasibility study, then there are good chances that you can clinch a grant or loan from the Canadian government. It is important to understand that there is no assurance that you can easily get government grants. Approval depends on the availability of government funds and the soundness of your proposals. It will also take at least 4 to 8 weeks before you will know if your application for government grant is approved or not. After the approval, the concerned agency that will provide the grant may further require some documents from you. The process may be lengthy but if you can secure a grant, then the amount of money is substantial enough to finance your new venture or expansion.
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