This is an exciting time for entrepreneurs. Never before has it been easier to access the volume of potential customers necessary to make a great idea a success. However, it takes time and money in order to get to that point, and this can be difficult for many startups to accomplish. There is a solution when you understand government grants for small businesses.
Many Grants Available
Since both the provincial and federal governments offer various types of small business funding, there are a number of options available. However, it’s up to you to find the ones that may work for you as there isn’t a consolidated source of this information.
Once you find one you feel you may qualify for, there are a couple of requirements. For starters, you typically must have been incorporated for at least two years and have at least one person on payroll. Each grant is unique, and there are various types of other qualifications applicants must possess such as a limited number of employees and revenue thresholds.
Unincorporated Businesses
While incorporation is a typical requirement for government grants for small businesses, it doesn’t always apply. Although the funding available for unincorporated businesses is limited, there are grants available. Whether you run a not-for-profit or for-profit company, there are funds out there to be utilized.
Financial Health
One of the most important aspects of applying for small business grants Ontario is your current financial health. You’ll typically be asked to provide both your balance sheet and income statement. It’s important to prove that your business idea and model is capable of success. At the least, you’ll be required to provide a letter from your financial officer validating the financial success of your company.
If you’re applying for repayable funding or grant programs for higher developments, don’t be surprised if you must provide a business plan. Many programs help you in this process by providing a template to help you create a solid business plan to support your other documentation.
Governmental Objective
The goal of issuing grants by the Ontario government is to create and keep jobs in the country, and this ensures long-term sustainability and job security. This high level of maintenance gives a positive outlook on the future of small business grants Ontario.
A Bright Future
If you have a business idea that you want to explore, don’t lose hope just because you lack the funding necessary to really get your business off the ground. Ontario government understands the importance of encouraging new business, and there are various small business grants Ontario offered at www.oce-ontario.org to be taken advantage of. Armed with knowledge, you can make your dreams become a reality and soar to the level of success you deserve.
