At Granted Consulting, we know better than anyone how confusing grants can be. At our core, we want to empower small businesses to leverage grant funding. Over the past decade, we’ve learned all the ins and outs of government grants for small businesses, and we want to share what we’ve learned with you! This guide will detail what you need to know to get grant money for your small business.
Throughout this guide, you’ll see the acronym ‘SMEs’ used when referring to small businesses. What does this mean? SMEs is short for ‘small and medium enterprises’. The Canadian government defines SMEs as businesses with fewer than 500 employees. This is important because many grants serve to support and grow small businesses, so if you have less than 500 employees, you’re in luck!
Before diving into the nitty gritty of grants for small businesses, first, we need to understand what a grant is. In short, a grant is a financial award that the government gives to an individual, business, or organization. The purpose of grants is to further the execution of a project or activity that benefits the Canadian populace. Securing grant funding requires you to complete an application and submit it to the delivery organization. After submission, you’ll wait the specified processing time, and will eventually receive a funding decision. This is different from cash donations or loans, but we’ll get into that shortly.
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If you’re a small business owner in Canada, you probably have tons of ideas on how you could grow and evolve your business. Oftentimes, it’s limited funds that hold back business development initiatives. After all, it takes money to make money.