Hiring grants come into play when the time has come for your business to expand. In Canada, there are many grants that you can use as a platform to take your company to the next level.
Meaningful employment is an essential aspect of the policies put forward by the Canadian government. This means that there is funding available to help you hire employees under the age of 30.
Hiring grants are open to all business owners in Canada. You may be wondering when the best time to apply for a hiring grant is. The first thing you should know is that you can get one regardless of the industry your business is in.
Whether you own a chain of restaurants, a consultancy business, a media business or a manufacturing business, you are eligible for a hiring grant. As long as you meet all of the requirements, you are good to go.
Multiple federal programs offer grant programs on an annual basis. These grants are a stimulus for the economy. The government is basically offering a helping hand to entrepreneurs that provide public services and positive dividends for the economy.
Here at Granted, we help you sort through which grants are available for businesses. You, too, can apply for a hiring grant and get approved by the government. However, there are steps and requirements that you have to follow. In this article, we will discuss the best time to apply for a hiring grant and the steps that you have to follow. Keep reading to find out more.
Related article: When Can I Apply for Hiring Grants?
How to Receive A Hiring Grant
Hiring grants do not come with payback requirements when used properly. Basically, they can be described as non-repayable funding from the government to you as opposed to a loan. However, you have to make sure that you are above board when it comes to your dealings with the government. A hiring grant usually comes with strict reporting and compliance measures.
Also, don’t assume you are done with the application process, to make a claim for the grant contribution, it is crucial that you submit detailed reports showing that funding was used for your new hire. If the requirements indicate payout in stages, your report will have to be periodical and continue over a stipulated period. All accomplishments, changes and failures will have to be documented and submitted to the proper agencies according to pre-agreed deadlines.
A hiring grant can be the best thing that has ever happened to your business. Receiving a hiring grant or a government grant of any kind puts your business in a positive light with investors and with the government promotes your brand and highlights your company in the eye of prospective private donors and investors who often encourage diversification of funding options for business growth. It is also a sign, a personal source of prestige that your business is doing something right within the community. It can even win you a degree of influence within political circles and with sponsoring agencies.
How Does a Hiring Grant Work?
A hiring grant doesn’t just fall into your lap, you have to apply for it. Getting a hiring grant can be a very competitive process as there are complex forms and paperwork that you have to fill out.
Additionally, you have to be able to account for how the funds being disbursed to you will benefit the community and key government mandates such as increasing the employment rate. This is why you need a proper proposal.
Throughout the year various government hiring grant programs are launched. Available funds vary as do the agencies that are issuing them. Usually, grants have to be authorized and go through an appropriation process before they are signed off on.
In the end, all you need to know about hiring grants include:
- A hiring grant is a financial compensation awarded by the government to offset wages for local companies. Public tax levies fund hiring grants. Therefore, it has stringent measures and policies to help make sure that the money is appropriately spent.
- Hiring grants, when used well, can stretch investment dollars required to scale up and build a bench of talent within your business.
How to Apply for a Hiring Grant
Available grants can be researched online. There are thousands of grants available for your business. In fact, the government spends millions, if not billions of dollars on grants annually. To apply for a hiring grant, you need a grant proposal. Usually, this proposal should contain a standard business profile that represents your business during the application process.
Additionally, you need an authorized organization representative (AOR) application and an online point of contact. You also have to fill out the paperwork with varies based on the program; no program is the same
Applying for a government grant can be a complex process. Apart from the application and paperwork that you have to complete, you must keep up with your claim process. You have to track your application, keep up a correspondence with the authorities, get tips from grantors, and so much more. This is why many businesses go to the experts to help them with the grant approval process.
There are different hiring grants that you can take advantage of in Canada. They include
Canada Summer Jobs
This grant offers financial support for employers that are offering supervised career experiences for employees between the age of 15-30. It provides you with assistance levels of up to 50% of the provincial minimum wage.
This financial grant offers assistance in the hiring of research interns for R&D projects over a period of 4-6 months. Interns may receive up to $10,000 for research stipends split evenly between the partnership company and Connect Canada.
Alberta Innovates’ Industry R&D Associates Program
This hiring grant helps offset the costs related to hiring associate employees for technical commercialization purposes. Basically, this hiring grant encompasses a monthly stipend as well as annual expense allowances covered by the government.
Mitacs Accelerate is a helping hand for businesses with research needs. Usually, this grant covers the cost of internships for graduate students working with your company and schooling at the same time.
When is the Best Time To Apply for a Hiring Grant
The best time to look for a hiring grant is when you DON’T need one. Understand the landscape of what is available and that gives you the foresight to apply for the right program when it meets your business needs. Not keeping on top of grants means that you won’t know what can help your business and by the time you look, you may be too late! There are certain moments that it becomes clear that you have to expand your business. However, the financial capacity to handle all of this can be a burden. This is where a hiring grant steps in. A hiring grant can help take some, if not all, of the burden of hiring new staff off of you.
Before we go into the details of getting a hiring grant, there a few misconceptions about the best time to apply for a hiring grant. These misconceptions need to be cleared up to increase your chances of getting approved for a grant. They include:
Businesses Can Delay Applying for Grants
Grants do not last forever. In fact, as long as the funding is readily available and there are multiple applicants, it can disappear in a few days. This is why you must work with a grant consultant that can stay on top of things for you.
That way, you can be prepared to apply as soon as funding opens. The government doesn’t exactly announce that a grant is available. Instead, an expert will stay on top of webinars, summaries and updates to keep you abreast of happenings.
Grants Do Not Change
This is a huge misconception that has to be changed. In fact, it is often a surprise for most business owners. Most people expect that after a grant launches, the closing date is selected later on. However, the budgets could change from time to time; budgets may get extended to allow for more businesses to be funded but the programs won’t often tell you or market it. The criteria for the grant can change multiple times every year. Sometimes, updates to the eligibility requirements can disqualify your business entirely.
Additionally, deadlines can change based on the agency in charge. If the funding has been given out, the program will be closed. A grant consultant will help make sure that you are the first to hear about hiring grants as soon as they are announced. They will also keep you updated on changes in the eligibility requirements for a grant.
Grants Take a Long Time to Get Processed
Many people think that the process of getting grants approved is a long one. This is not always the case. Sometimes, the grant application and approval process can be very quick. Depending on the hiring grant, the approval process can take only a few business days.
In fact, after the approval process, there is a lot of paperwork to be approved before the funds are disbursed to you. To receive your grant cheque, there may be requirements that have deadlines. Failure to adhere to these deadlines can actually affect the receipt of the grant. This is one pitfall that you should be wary of.
How Do I Know I am Eligible for Hiring Grants
To ensure that you are eligible for hiring grants in Canada, you need to make sure that:
- Your business has been legally registered for a minimum of one year
- The positions for employment have a flexible start date
- You are hiring for an entry-level position for someone under the age of 30
- You believe in a continuous learning process that improves the skills of your staff in a manner that is relevant to their career path.
- You are looking only at new hires, existing staff will not qualify for funding support.
How to Hire During Your Application Process
Before you start expanding your company and hiring personnel, it is essential that you find out your probability of getting the grant. A grant consultant can help make sure that you are on the right path.
The hiring grant application process is a complex one. There are many reasons why you may not be awarded the grant in the end.
A company may not be offered the funding because of a missed deadline. Sometimes, the rules of eligibility may change. Sometimes, there may be a company that looks better on paper.
Hiring grants come and leave just as fast. Decisions for funding can be made in less than two weeks after the successful company applies.
You can avoid going through this complicated process and still miss out. Your consultant expert can step in during this crucial timeframe.
To summarize, we have outlined a few steps that your grant expert will take to help you make the right hiring decisions:
- Call up the funding authorities and find out the probabilities of your qualifications for the grant. They will make the call prepared with information gained from doing due diligence.
- If your chances of getting the grant are high, then you can start the hiring process. You can screen candidates that have already been deemed to be qualified. Make sure that your new employees don’t start work before your grant is approved.
- After you have selected the right employee, submit a grant application. Your candidate can start work as soon as the grant is approved.
During this delicate period, your grant contribution agreement should be your close companion. It will contain information on how to submit payslips, vital reports and reimbursements.
Application for a Hiring Grant: What to Do
When applying for a hiring grant, you must manage your application properly. Doing that means that you have to very hands-on. Your first course of action could be to apply for the grant yourself. However, this may prove detrimental. The grant application process is a complicated maze.
Your second and best option is to allow experts like us take care of business for you. We will help you choose the right hiring grant to apply for and the steps to take to get it.
Applying for a hiring grant is a great way to boost the reach and level of your business. It is a great advantage that you should take advantage of. Don’t miss a great financial opportunity that comes without interest or a chunk of your company.
An expert can help you make sure that every step of your grant application process is well thought out to increase your chances of winning. Contact us today!
Related article: How to Apply for a Hiring Grant