Government grants can present new lease of life to a business or a start-up entrepreneur desperately trying to sustain his/her business. To avail grants this way for starting a small business or to expand existing businesses is a great opportunity to explore new ideas. The best part about these government grants is that they are free and are good source of finance for small businesses and therefore has a perpetual appeal.
In reality obtaining a government grant for a small business is more of a mission for the Holy Grail, and often full of risks and hazards of officialdom all the way. But these government grants by the Canadian government are easily accessible and take no time to get credited to your account. Unlike any other financial institutional loans, these government grants do not need any credit check and one can be rest assured with the procedures too.
The government grants are generally given out by either local or regional or even national government authorities. These grants generally come from different sources like the industrial bodies, foundations, trusts, and educational establishments. They cater to people who are in desperate need of funds to meet their business as well as other personal commitments.
Finding a government grant for a small business may be difficult at times as the various schemes catering to the small businesses normally have a limited amount of funding. Moreover, these grants are also given within a specific time frame. Hence one must be very specific while applying for these government grants.
You have to be a citizen of Canada to avail these government grants. Other criteria involve the your specific industry and the amount of sponsors the said business is able to gather. As these government grants are region specific you must mention the region you belong to. Depending on the regional availability of the government grants you will be eligible for the grant for your small business. As long as you are resident of Canada you are eligible to apply for such grants for your small business ventures.
Another good thing about these government grants is that they do not have any tax deductions and come absolutely free. However, it is likely that you will not be allowed to use the grants for any purpose other than the purpose for which it has been taken. The most common small businesses for which these grants are taken are Agricultural business like farming or fisheries, increasing overseas exports, investments in machinery for construction of plants, pharmaceutical business, etc. Encouraging investment in economically backward areas and offering assistance for relocation and creation of jobs are also some other criteria of these government grants for small businesses.
If you are looking for some small business grants and fit into the qualifying criteria, this perhaps is the best opportunity to avail some government grants to start your business. The government grant for your small business will depend upon the location of your business, its legal status, and the size. For this you will be expected to produce your business plan to the authority of your province for the approval. Get going now and avail the best source of funds to full fill your business dream.