Small Business Grants in Ontario
Among industrialized nations, Canada is one of the world's leaders in providing assistance to entrepreneurs looking to start or expand a business. The Canadian federal government overseas a handful of programs designed to provide funding assistance, while each of the nation's provinces offer assistance of their own through their provincial governments and local programs. In addition there are plenty of nonprofits and private sector institutions offering grant money. Suffice it to say, if you're a business owner in Canada you have more financial resources available to you than do your counterparts in the United States.
Canadian businesses looking for small business grants can begin their search by visiting the Canada Business Network website. This website is operated by the federal government and is your clearinghouse for all public and private business information and assistance. All of the information they provide is broken down into various sections which are easy to understand and navigate through.
It's helpful to search for small business grants in Ontario like clicking on the grants link in the left menu section. From there you can navigate to the Ontario provincial page and see all of the assistance programs currently being offered. Just to give you an idea, some of the agencies currently offering grants include:Eastern Ontario Development Fund
Emerging Technology Program (Northern Ontario)
Enterprises North Job Creation
Industry Partnership Proposal Program
Specialized Grants
Like any financial assistance program, Ontario small business grants are available on a general basis as well as those targeted at specific demographics or industries. For example, young entrepreneurs have access to as much as CA $25,000 in grant money if they are between ages 18 and 29 and their new business is located in Northern Ontario. Self-employed individuals have access to grant money through the Ontario Self-Employment Benefit; the Ontario Disability Support Program offers assistance to disabled entrepreneurs; companies involved in cultural media can find assistance through the Ontario Media Development Corporation.
What we've listed here is just a small sample of what's available to Ontario-based businesses. It's important to note that while business funding is plentiful in Canada very few of the programs come directly from the provincial or federal governments. Most come through private organizations interested in seeing specific groups of individuals be successful. The government programs that are available always come with certain restrictions and very strict criteria.
Applying for Government Grants
Applying for government grants requires that you specifically know what you're after and what the qualifications for each grant are. As previously stated, there are very strict criteria for government grants due to the fact that their focus is on helping specific groups of people such as minorities, the disabled, and immigrants. If you know you qualify for a specific type of government grant your next step is to procure the application and write your proposal.
Grant applications are often lengthy and require you to not only justify your need for the grant but also your plans for making your business successful. Grant writing can be tricky business if you have no experience. Therefore, it does help to take a grant writing class or two as well as supplement your class learning through how-to books and videos. A properly written grant explains who you are, what your business idea is, and how you will ensure it succeeds.
When you're writing government grants be sure not to leave out anything the application calls for. The federal and provincial governments receive so many applications for the limited programs that any missing information is sure to land your proposal at the bottom of the pile. Be very thorough in answering all questions, yet be as concise and to the point as possible. Including all of the necessary information is not the same thing as being long-winded.
Applying for Private Grants
Some would argue that applying for private grants is, at least in theory, simpler than applying for government grants. The lack of bureaucratic red tape that comes with private grants generally means there is quite a bit less paperwork and fewer people screening your proposal. Nonetheless, your need for thoroughness and fully completed applications is still of paramount importance. Again, even private grant makers receive far more applications than they have money to award. If you want your grant proposal to remain at the top of the list you must present a top-notch application.
Also keep in mind that private grant makers will be more interested in the quality of your business model than your demographic. Unlike government grants, where the success or failure of a business is not necessarily heavily weighted, private grant makers are generally not in the business of giving away money unless they are fairly confident in your chances of success. Convincing them of that potential requires you do your homework so that you know your business inside and out.
Some of the things that private grant writers are looking for in your proposal include:
the purpose and mission of your business
the scope of the products and services you will be offering
who your target customer base is
how you plan to develop your business into a profitable enterprise
any special considerations for social responsibility
Combining the Grants with Other Sources of Revenue
Ontario small business grants can certainly go a long way in helping establish a business. However, since you need an average of two years of funding just to safely get a business off the ground; it is unlikely you'll receive all that funding from grants alone. Other sources of revenue such as government-backed loans, standard bank business loans, private equity investment, tax breaks, and your own assets should all be on the table as you seek funding. Remember that the more sources of funding you have the more likely your financial resources won't dry up before you're able to make your business a success.
Some of the programs the Canadian government offers include government-backed loan guarantees, wage assistance to help pay your employees, and targeted tax credits. Individually these programs will not get you a significant amount of finances, but combined, they could add up to quite a bit of help. These are revenue streams every business owner should be looking at - whether he's just starting out or he's been at it a while.
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