Information provided by Mentor Works
Canadian government grants and loans are carefully distributed to support the development of competitive, growth-oriented companies. Considerable time and resources are devoted from the federal and provincial governments across Canada to support these initiatives and strengthen emerging industries. As result, significant incentives exist for mature businesses who prioritize domestic and international expansion.
There are many benefits of government funding when a strategic approach is taken to research, write, and submit applications.
For one, Canadian government funding can enable projects that would be unlikely to occur without additional support, which is an immediate benefit to businesses. This includes a wide range of strategic projects, from the purchase of innovative machinery, to the hiring and training of new employees.
Alternately, some small business funding programs are positioned to support the enhancement of projects, either to improve the scope, scale, or timeline of activities. Government grants and loans can inject extra money into projects, which in turn can lead to expanded projects that are completed faster. This agility builds competitiveness and allows businesses to become market leaders.
Government grants and loans support a wide range of projects. Your business’ growth priorities may already be well-aligned to small business funding programs; the key is understanding how to build a strategy that matches these key priorities to government funding programs. Companies who enjoy the most success with government grants and loans master this process, and in doing so, leverage significantly more government funding than those who do not develop a government funding strategy.
When used optimally, government funding can support four general project types. These include:
Benefits of government funding go beyond enabling more projects; in fact, grants and loans can also greatly improve project outcomes. Companies who use government funding to inflate project budgets can strengthen the results driven through strategic action.
Projects that tap into government funding regularly see three spin-off benefits, including:
After learning how other businesses have benefitted from using Canadian small business funding, you should begin exploring how grants and loans can support your business’ projects.
One of the best places to start is by downloading the Canadian Business Funding Guide, which is filled with information that will help you explore the funding landscape and learn which types of projects are best suited for funding.
Mentor Works is a business support organization specializing in Canadian government funding. The Ontario-based business has helped hundreds of businesses build and execute their funding strategy through a mix of federal and provincial government grants, loans, and tax credits. Mentor Works offers free online resources, funding webinars, and news via their website at www.mentorworks.ca.
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