We are sure you have heard of government grants before, but you may not know what they are all about. If you intend to find out why your fellow business owners are squirming all around for one, here’s why.
What are government grants?
Government grants are financial or resource assistance given by local authorities to businesses or establishments in hopes that they may contribute towards a specific plan or project.
Funding amounts may vary depending on legislation and certain conditions, as well as the specific project being supported and the terms agreed upon by both the grantee and the funder.
Government grants are a great way to kickstart your business or even rejuvenate it, and funding from the government with little to no cost may sound too good to be true. However, grants are not easy to obtain, and there are very high-standard qualifications that a business may have to go through to actually get one. Not to mention the feisty competition who are just as hungry for that grant as you are.
Despite the lengthy and tedious process of obtaining a grant, the benefits are surely worth the effort as it will sweep up most problems with your business, including finances, visibility, branding, and productivity.
Now that you have this in mind, what’s stopping you from looking for the best grants near you and working on your application right after coming to this page? If you need an even bigger push, here are 7 reasons why getting a government grant is the right choice for your business.
7 reasons why you should apply for government grants
A stream of funding
The main reason you might want a government grant is the funding it will provide your business. Not only that, it can be made so that you have this source of funding for multiple years, given that you comply with the demands of your partners.
More space for growth
Grants are good for two things – starting a business and restarting a business. For a business to be successful, it needs to continually innovate with changing demands and an evolving economy. However, not all companies have the financial capability to enact changes just like that, especially considering the risk that comes along with it.
Government grants, with the funding it provides, can and should be used to their utmost potential. It will allow you to maneuver for bold business changes, with a financial cushion to save you from mistakes as well.
Growing your business programs, streamlining processes, and finding prospects are just some of the things that you do with the finances given to you. Proper funding will ensure that you stay on your feet once the partnership has dissipated.
A boost in credibility
If you have not realized yet, government grants are only awarded to businesses that have potential and are perceived to fit the bill. Mind you, this set of requirements and standards are of the highest, so a grant is a really considerable seal of approval and legitimacy.
Having a grant will signal to other businesses, customers, and other grants, that you are the real deal and that investing in you may be a wise decision. This may attract new partners, even more grants, and bring more profit to your business. All the things you want, and a grant can provide for you.
Applications are not hard to find
Government grants are fantastic because of the funding they provide, but the biggest difference that they make is that grants are primarily for businesses that need them. Like really need them.
This said government grants want to be applied for. They are readily available if you look for them. You would be surprised to know the number of available grants in your area and just how many of them is looking for businesses exactly like yours.
Various funds for various groups
Grants have an identity, and different types of grants will have different agendas. May it be agriculture, technology, research, or business ideals, there are many available grants that seek a partnership with businesses that they see fit to contribute to the project.
Whether it’s micro or macro businesses, federal grants will gift you that opportunity as long as you present a proper application and show potential to the cause.
Have as many grants as you want
Another great thing about grants is that you may stack them as long as your government permits and the terms of your prior partnerships allow it.
Though this means that you will have more and more pressure on your shoulders, as well as spend more time attaining those grants. However, if you really need it, you may have multiple sources of funds and resources.
Businesses do not have to repay
The most alluring aspect of a government grant is that they are not expected to be paid back. This is perhaps why they are so sought after, as they are a reliable source of funds with very little financial risk.
However, they are expected to be paid in results. Your partners who gave you the grant will often monitor and track your progression, making sure that the funds given to you are used correctly and for the betterment of the purpose or the pursuit of the cause.
They will be strict and sometimes bothersome, but it is only to guarantee that the given to you are not used in vain, and it will factor heavily into whether or not they will continue to fund your business.
Top 5 grants and funding programs in Canada
The National Research Council of Canada Industrial Research Assistance Program
The National Research Council of Canada Industrial Research Assistance Program, or NRC IRAP, is one of Canada’s leading funding programs, prioritizing the innovation of small to medium-sized businesses.
NRC IRAP helps improve and develop innovation within a business, bringing ideas to the table and hopefully commercializing them. They do this in many ways, including financial support, advisory service, or R&D expertise.
This will help small businesses grow quicker and adapt better, fitting in very competitive industries through simple innovation of technology.
Scientific Research and Experimental Development (SR&ED)
Canada’s in-demand R&D tax refund program, Scientific Research and Experimental Development incentivizes businesses that partake in research and innovation. Highlighting Canada’s desire to stay relevant in the global innovation platform, SR&ED aids businesses that will participate in finding scientific breakthroughs and technological advancement by providing them the opportunity to have tax decreases, financial funding, and technological assistance.
CanExport supports businesses that have struggled amidst Covid-19 and its restrictions on physical business and transport. By encouraging digital reformation, virtual participation, and expanding to global markets, businesses can cope with the pandemic’s repercussions.
CanExport’s support will also help minimize the risks brought about by the virus, such as the health of employees and the financial loss of everyday business.
The Proof of Concept Program from NPC
Proof of Concept Program is a program that aims to commercialize and innovate more natural products and technology.
Helping businesses shift to more organic, natural, and biological resources will create healthier productions that can help manage health, water, and waste issues in the locality.
The program will also help businesses establish more commercially feasible products by providing innovative capabilities and advisory support. However, these innovations will still be organically inclined in hopes that the project can benefit the planet and extend to various industries such as agriculture, food production, human fitness, and animal wellness.
Alberta Media Funds Grants
The Alberta Media Funds Grant, which is based primarily in Alberta, aims to support businesses that are associated with the province’s local cultural industries.
By promoting businesses’ economic diversification, the Alberta Media Funds Grant will help develop both local and international interest in the culture, as well as create industry professionals and more jobs.
Businesses involved in digital media, script writing, book publishing, and sound recording can apply for funding as well.
Top 5 grants in the United States
Service-Disabled Veteran-Owned Small Business Program
The Service-Disabled Veteran Owned Small Business Program will solely cater to business owners who qualify as being affected by their term in the military. The business must be at least 50% owned by service-disabled veterans, have veterans employed or managing the day-to-day operations, and the disability must be from their service in the military.
The Rural Connectivity Program
The Rural connectivity Program will provide workable and better broadband in rural areas in the states. This program will be rather strict and will only cater to areas that will have at least 50% of households that need proper broadband service.
U.S. Small Business Administration State Trade Expansion Program
The U.S. Small Business Administration State Trade Expansion Program, or STEP, aims to assist businesses that can increase profit and visibility through export. As businesses in the United States benefit greatly from transacting business to more than just their local state, Step intends to make this a possibility for small businesses that may not afford it. They also encourage these small businesses to be acquainted with laws from different states in the U.S., open themselves up to international markets, and digitize their marketing.
Women-Owned Small Business Federal Contracting Program
The Women-Owned Small Business Federal Contracting Program, or WOSB, is a program that seeks to assist women-owned small businesses. This program aid women entrepreneurs in building up their repertoire, business skills, and their climb up the market by offering training, counseling, and additional capital. Seeing as opportunity and treatment are fragmented between women and men in the industry, WOSB aims to close this gap and attain equality.
Verizon Small Business Digital Ready Grant
The Digital Ready Grant provided by Verizon will support businesses by providing training and advisory via an online course that includes learning modules, networking opportunities, personalized tools, and other grant opportunities. Additionally, grantees will receive $10,000 dollars.
Can you get help when trying to apply for government grants?
These funding programs can get tricky the first time you try them out or learn about them, so you may be doubtful about indulging. However, there will be experts that know the technology and finances like the back of their hands. With their knowledge, they can clue you in on all the reasons why getting that grant is the best path that you can take.
Here are some of them:
Chris Johnson is one of the world’s leading experts on government funding, so much so that he has received praise and has worked with the likes of Richard Branson, Robert Kiyosaki, and Suze Orman. He knows everything there is to know about government funding, including the grants near you, what you can do to optimize your application, and even the steps to take once you do receive the grant.
Judith Eisenberg is the dean of sponsored research and grants at the Borough of Manhattan Community College. She has been the head of many funding programs organized by the BCC and has encouraged thousands to pursue funding for their businesses or college education. She is also the founder of ProposalPRO, which aids government organizations with their grant proposals and planning. ProposalPRO has gone on to great success, funding nonprofit organizations that support academic attention, adult education, job placement, and reducing homelessness.
EVAMAX is one of Canada’s leading funding experts, and its main goal is to reach businesses that have the drive to innovate but are not financially capable of doing so. It understands that innovation is a risk, but it is also a must.
It offers consultancy services in Canada, covering several businesses in industries such as software, automotive, food, agriculture, aeronautics, and many more. EVAMAX also provides business consultations in the United States.
Grants.gov has got everything that you will ever need or want when it comes to government grants. From having a grants finder to applicant training and registration, as well as keeping track of your application, Grants.gov was pretty much made to be the perfect tool for grant assistance.
The guidance does not stop with just those features either, as Grants.gov has its very own grant learning center where you can perfect the art of writing a grant, and you can even opt for applying as a team. Grants.gov is a smart choice to go with.
Government grants are one of the things that a business can get into. It can expand your business while also working on improving your community. Grants will put you back on track and give you enough confidence to put your business on the map. All the steps are in place.