Grants for Small Business Guidebook
What happens when I’m approved for a grant?

Summary: 

• Once approved for funding, you will be most likely issued a Funding Agreement to sign.
• Your Funding Agreement document will hold all information about your project including key documents for the payment process
• Regardless of the grant program, it is critical to provide accurate reports, fill out the necessary paperwork, and claim only for the expenses you are approved for.

Good news! Your hard work has paid off and your grant application has been approved. However, before you begin hiring, training, or exporting, there are a few critical elements of the post-approval process to know so you can execute your project efficiently and easily. 

This chapter will cover how to receive the money you are approved for, what sort of paperwork is required throughout the post-approval process, and the importance of maintaining a good reputation with the program.

Collecting your grant funding

Once you have received notice that your application is approved for funding, you will be most likely issued a Funding Agreement to sign. This document will outline the terms and conditions of your grant approval. Key information about your project such as dates, expected outcomes, and approved activities will be included here. When you sign the Funding Agreement, you agree to the terms set out by the grant program and are now entitled to receive funding. 

The specific ways in which you receive your funding varies by grant type. Let’s take a look:

• Hiring: Hiring grants are often a wage subsidy, meaning they will cover a portion of your new hire’s wages up to a certain amount. To receive your funding, you will need to submit pay stubs to the program. Based on your hire’s wages, you’ll then receive your funding either via cheque or direct deposit. 
• Training: Training grants are the simplest to collect for. This is because courses are usually billed once, rather than on an ongoing basis. Receiving your funding is as simple as submitting the requested documents to the program, and receiving your funding via cheque or direct deposit once it has been processed. 
• Market Expansion: Most market expansion programs follow a claim-back process, meaning you incur the expenses associated with your project and then submit claims throughout to receive the program’s contribution. Claims are often submitted via email with attached receipts and detailed reports on your expenses. Once the claimed expenses are verified, you will receive appropriate reimbursement via cheque or direct deposit, depending on your preference. It will likely take up to four weeks for a claim to be reviewed and paid back. In some cases, programs will issue a grant, as opposed to a contribution agreement. This means that you will be paid upfront, without needing to submit a claim. Grant payment structures are usually awarded based on your reputation with the program and the strength of your application. 

Key documents for the payment process

During the post-approval period, keeping track of necessary paperwork is crucial so that the reimbursement process is stress-free. As mentioned, the funding agreement is the go-to document for all the information on your project; information regarding deadlines, required documents, expected outcomes, and approved activities will all be available here. 

Depending on the program, when submitting a claim, you will be required to supply additional proof to back up your expenses. This might include invoices, interim reports, paystubs, and/or proof of payment. Instruction on how to submit each of these will be provided by the program. 

Most larger grants, such as market expansion, will also require a final report to close out the project. This document provides further information on your activities and relevant experiences.

Reputation

Regardless of the grant program, it is critical to provide accurate reports, fill out the necessary paperwork, and claim only for the expenses you are approved for. Not only will this practice ensure you are reimbursed for the full amount, but it is also the best way to remain in good standing with the program. Following instructions exactly as outlined in a Funding Agreement will help to build a credible reputation for your company which increases your chances of approval for future applications.

We know that following a long list of instructions just to receive the funding you’ve already worked so hard to get can be a serious headache, especially when you’re trying to focus on growing your business. As grant experts, we have a wealth of experience in the post-approval stages for many of Canada’s major programs. We know what adjudicators are asking for and we know how to provide it. As a Granted client, you can leave all of this work to us. We will prepare all necessary paperwork, claim submissions, reports, and correspondence to ensure you receive your funding and build a strong reputation with any program.