Getting a start-up rolling full throttle takes a lot a fuel, basically a considerable amount of funding for a number of essential requirements involved in setting up a small business such as purchasing new equipment, site renovations, training of staff & host of other things. The situation in Canada is no different. The country has it’s fair share of ambitious small time entrepreneurs & has recently amped up it’s Canadian government grant program for small businesses, several fold. The Canadian administration, both at the local & central level has sanctioned a sizeable portion of their annual budget to grant programs specifically designed to cater to the unique needs of a small start-up owner. Whether you need hundreds or thousands there is a grant program suited for you. You just need to find it.
The grant programs that have been devised by the Canadian government basically fall under three different categories – Small business related assistance, Grants & subsidies, No interest loans.
Small business related assistance:-
The assistance mentioned above comes in a few different forms; the most important ones include Government insurance relating to commercial risks which small businesses are prone to & facility or business site relocation incentives. These Government insurances are mostly available at no premium at all or even if there is a premium it is practically negligible. On the other hand the importance of having an insurance policy covering all your probable business risks cannot be overstressed. Secondly, as a small business owner if you are planning to move to a new location or facility, then there are a number of relocation incentives issued by the Government that you can apply for in order to make the process much easier. The Government uses these incentives as R&D & tax rebates in order to help small businesses grow & spread.
Grants & subsidies:-
Under the system devised by the Canadian Government once you get the amount sanctioned by the grant you do not need to return it & for all intents & purposes the money is yours to use & apply in your enterprise, subject to the terms & conditions of the particular grant. One good example of this is the NRC-IRAP, the unabbreviated version is not important, it’s just a fancy name for a Government issue grant program called the Industrial Research Assistance Program. This program seeks to provide assistance to small time entrepreneurs who wish to grow their enterprise by making innovative technological applications in processes, products & services.
No interest loans:-
The Canadian Government of course provides loans to small business owners at very little or no interest at all. In addition the Canadian Governments small business support program also seeks to provide assistance to small business owners in securing loans from private banks. The program provides government insurance schemes for the protection of the bank’s interests in case the loan recipient’s enterprise takes a nose dive. Thus as a new entrepreneur you get a Government guaranteed loan.