Tracking Government Programs for Businesses Amidst the COVID-19 Pandemic
Tracking Government Programs for Businesses…This is What We Do Everyday!
A client called me this week and told me that they are struggling with all the COVID resources provided by the Canadian government. I said, “This is what we do every day!”
In the span of a few weeks, entrepreneurs and leaders of hundreds of thousands of businesses in Canada are getting a glimpse of what we do at Granted Consulting. Reading application guides, tracking changes, and making inferences on program benefits is core to how we support businesses with government grants and funding programs.
‘What’s your secret?’, our client asked. Persistence and not making assumptions. Here at Granted, we track hundreds of Canadian government grant programs. Knowing that grants change on a regular basis and understanding the implications of these changes are key.
Since early March, before the COVID crisis became full-blown in Canada, we were already tracking COVID impacts on secured grant funding. Our pivot to include COVID program tracking was designed to give the business community peace of mind that they don’t have to learn government jargon and read the fine print to understand the key details about government grants or how to use them.
It is crucial that entrepreneurs feel confident and informed about available support so that they can make the right decisions for their business.
Related article: GetGranted: Our Innovative Grant Matching System
Understanding Government Funding in this Time of Crisis
To leverage grants or other government funding programs successfully, one must understand that not all funding opportunities are a perfect fit for businesses. In the time of crisis, the Canadian government’s primary goal is to ensure that individuals and businesses are cared for. It is unreasonable to expect that available programs are ‘One Size Fits All’. Secondly, not all programs will be non-repayable contributions or grants.
There will be opportunities to apply for loans and other funding that could help with operational costs during tough times with the expectation to start repaying these loans as the economy starts to recover. Finally, the key to success lies with tapping into multiple programs and looking at alternative non-crisis related programs to help your business recover with support from government grants.
Hiring grants, training grants, and market expansion grants are only a few types of Canadian grant programs designed to help domestic businesses grow. Government grants do not discern the size of business but rather the benefits to the Canadian economy and to working Canadians. Business grants are therefore categorized by their contribution to employment gains, knowledge upskilling, export opportunities, and innovation development.
Many business owners cannot access funding programs such as the Canadian Emergency Business Account, Canadian Emergency Wage Subsidy, or the Canadian Emergency Response Benefit because they opted to not put themselves on payroll.
Others are struggling to access larger funding opportunities such as the BDC small business and working capital loans because they cannot show strong pre-crisis financials to support repayment once the crisis is over. How do you pick out the right programs for your business? How do you ensure that government programs are used correctly and secure business funding needs during this time of crisis?
We’re Here to Help You!
Granted Consulting is offering free resources including a resource page, a business assessment tool, and weekly webinars (www.granted.ca/grants-webinar) that dive into the best COVID resources for businesses at different stages. The last thing entrepreneurs need is to second-guess their decisions and wonder if their strategic crisis plan is robust.
Talk to our consultants to gain that assurance and learn about other grants that can benefit your business.
Related article: Lessons Learned from Securing Grants Worth $100,000 in Last Three Years
