Is Government Funding For You
As a small business in Nova Scotia, you may consider government funding options to help you startup or to expand.
While government funding is available for many business owners, across all industries, you do have to determine if obtaining government funding is right for you.
Borrowing money in general puts your business at risk in terms of having to pay back the funds.
This is no different from government loan programs, bank loans, credit cards, lines of creditetc
So its very important that you determine if obtaining funding in general is something you must do, or if you can do without it.
Funding is available via local government agencies, Nova Scotia government agencies and via various agencies across Canada. These funding programs provide funding for various needs, which we will explain in the next section, but these funds are available in nearly all funding industries.
These industries all often get summed up into the below industries categories:
- Hotels and Restaurants
- Information Technology and Telecom
While funds are available for all businesses within the above mentioned categories and those that slightly fit within them, it is important to determine via funding experts if these funding options available in Nova Scotia and across Canada will be right for your specific business model or not.
In addition to that, if you are in need of funds from a third party , government funding options are a great way to succeed.
How Canadian Businesses Have Benefitted From Funding
Each year, thousands of businesses across Canada are awarded Canadian government funding to complete more projects and improve outcomes. These successful projects can serve as a model for other businesses who wish to get started with funding, but arent sure where to begin. To learn more about successfully-funded projects, check out some of the stories listed below.
Write And Submit A Grant Proposal
Various government small business grants exist that provide funding for a wide range of problems. Some of these government small business grants are discussed later in this article. Each grant has specific requirements you should ensure that your business can meet these requirements before investing time and money into creating a grant proposal. It often works best to hire a grant proposal writer because writing a grant proposal is a time-consuming and detailed process.
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Example Of A Government Grant
The performing arts is one popular category for many government agencies awarding grants. For example, in early 2019 the U.S. Embassys Public Affairs Section in Moscow sought grant applications to identify and select American artists and performers to bring to Russia for short-term programs in the fields of music, dance, theater, film and television acting, and culinary arts.
Eligible applicants could include nonprofits, small businesses, and public or private universities grantees could receive up to $650,000 to produce performances in Russia. The goals of the grant included strengthening “people-to-people ties” between the U.S. and Russia and “showcasing American values by presenting the full range of American creativity and innovation.”
Business Grant Vs Business Loan: Whats The Difference
While both help you get money for your business, grants and business loans for small businesses are different beasts. The main difference between a grant and a loan is whether or not they require repayment. Loans require you to repay the money you borrow a grant does not. Grants can be awarded by government departments, trusts, or corporations and given to individuals, businesses, educational institutions, or non-profits.
Grants can be notoriously difficult to get, so if you apply for funding and are rejected, consider other financing, including business credit cards.
Here are other things to know about the differences between grants and loans.
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Top 50 Report On Business
|AE Côte-Nord Canada Bioenergy Inc.||76,500,000||SD Tech Fund Investments in Forest Industry Transformation Investissement Québec||Innovation|
|SD Tech Fund Western Innovation Initiative||Innovation|
|Technology Demonstration Program Industry-Academic R& D Collaboration||Innovation|
|Loan Quebec Economic Development Program NRC-IRAP||Equipment|
|Technoclimat SD Tech Fund NRC-IRAP||Innovation|
|Hanwha L& C Canada Inc.||15,000,000||Investing in Business Growth and Productivity||Innovation|
|AP& C Revêtements et poudres avancées||13,753,000||Quebec Economic Development Program Loan NRC-IRAP||Innovation|
|ArcelorMittal Tailored Blanks Americas Ltd.||12,726,760|
|Pravala Networks Inc. and Pravala Inc.||9,742,500|
|Southwestern Ontario Development Fund||Growth|
|Western Innovation Initiative SD Tech Fund NRC-IRAP||Innovation|
|Contribution and SD Tech Fund||Innovation|
|Mines de fer Champion limitée||6,000,000|
|Northern Harvest Sea Farms Inc||6,000,000|
|Opus One Solutions Energy Corporation||5,422,500|
Small Business Grants Specifically For Women
While grants offered by private companies and grants for startups are available to a broader range of business owners, there are also grants specifically for women-owned businesses. You can find resources and information at womens business centers, but here are two business grants for women to start with.
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Funding & Grants For Black Business
Small and micro business sectors are the main source of real employment in the economy.
How do you raise funding? A small business can on average employ 12 people. The drop in entrepreneurial activity over the past five years is equal to 2.3 million possible job opportunities lost. Small and micro business sectors are the main source of real employment in the economy.
South Africas economy needs to inspire entrepreneurship in order for it to grow. By creating an environment that is friendlier to small businesses and actively encouraging the sector, the country is in a better position to create jobs.
Two simple measures that would go a long way to support and develop entrepreneurs is access to finance and improvement of logistics.
Why Does The Nova Scotia Government Provide Funding
Before starting any sort of funding search for your small business, it is important to understand how government funding really works.
Not necessarily for your business in terms of how you would use the funds, but in terms of the government and why they actually provide funds to small businesses.
There is a major misconception when it comes to government funding.
These misconceptions include comments such as:
- government funding doesnt exist
- government funding is a scam
- there are no programs for anyone
- you have to be making a million to be eligible
- government funding is only for large corporations/manufacturers
The various misconceptions do start from somewhere and its important to understand why however, none that are listed above are accurate.
The Nova Scotia government provides funding to small business in and around Nova Scotia.
They do this in the form of government grants, government loans, tax breaks and tax credits. This is done in order to boost the Nova Scotia economy. It is done so that you, living in Nova Scotia can have the type of life you have.
Think about it if the government, who really runs the economy doesnt put any money into it what do you think your quality of life would be like?
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Benefit : Government Funding Improves Project Outcomes
Benefits of government funding go beyond enabling more projects in fact, grants and loans can also greatly improve project outcomes. Companies who use government funding to inflate project budgets can strengthen the results driven through strategic action.
Projects that tap into government funding regularly see three spin-off benefits, including:
Us Economic Development Administration
The EDA is mandated to foster economic development in all US communities. Grant money is part of the solution and can be viewed on the EDA website, which is constantly being updated to reflect recent funding opportunities. For example, the most recent funding opportunity listed is the Fiscal Year 2020 Public Works and Economic Adjustment Assistance Programs. This grant provides $587 million in funding opportunities for small businesses affected by natural disasters in 2018. Clicking the link redirects you to the Grants.gov website, where you can view details about the grant.
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Contact Khula For Funding
- Business that are eligible and need funding can contact Khula at: +27 11 807 8464.
- To apply for Khula funding, visit the SEFA website ,you can either submit your application online or you can print it out and submit to their physical offices. You can see the contact information for both online and physical submissions for the Khula Fund here.
Why Are Government Grants For Small Businesses So Important In 2021 And Beyond
Government grants for small businesses are particularly important for developing a countrys micro, small and medium enterprises sector. Because these grants are funded by tax dollars, they have more restrictions than grants offered by private entities like FedEx and Cartier, as well as foundation grants like WomensNets Amber Grant.
Chief amongst these restrictions is an emphasis on how the money will be used to help the business make a meaningful impact in the community. Grants from the federal government were created to encourage businesses to be community builders and contribute to economic growth. A business that focuses on community development and innovation is sustainable and respected. This is the primary reason government grants for small businesses will remain relevant in 2021 and beyond.
Furthermore, many grant opportunities tend to reward innovation and scientific research. More grants tend to be offered in these categories because they give the country a competitive advantage. After all, it pays to stay ahead of the game.
Find more information on How to Start a Business here.
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The Different Types Of Idc Funding
1. Development Funds.
- These funds aim at supporting projects that will have high long-term impacts on the economy through growth.
- Its aim is to bring projects out of the informal sector and into the economic mainstream.
- Please find more information on these funds and links to the online application process here.
2. Agro-Processing Competitiveness Fund
- This government fund provides support and helps businesses to achieve increased competitiveness, business growth, job creation and development in the agro-processing and beverages industries.
- For further information and a link for the online application process please visit here.
3. Product Process Development Scheme
- The aim of this fund is to provide financial support to micro and small enterprises where the total assets are below R5 million, annual turnover is less than R13 million, and the business employs less than 50 people.
- The fund intends to promote innovation and technology development with financial support.
- This enables the development of new products and/or processes.
- For more information on the PPD Scheme continue to the website here, to apply for funding, please visit their website , click on Online Funding and follow the prompts.
4. Risk Capital Facility Programme
This programme provides three channels of funding:
5. Transformation and Entrepreneurship Scheme
What Is A Government Grant
A government grant is a financial award given by a federal, state, or local government authority for a beneficial project. It is effectively a transfer payment. A grant does not include technical assistance or other financial assistance, such as a loan or loan guarantee, an interest rate subsidy, direct appropriation, or revenue sharing. The grantee is not expected to repay the money but is expected to use the funds from the grant for their stated purpose, which typically serves some larger good.
In certain cases, there may also be revenue-sharing agreements with the governmentfor instance, in the case of a discovery that leads to a profit-generating patent.
Twenty-six federal agencies administer more than 1,000 grant programs annually to provide funding for the arts, the sciences, and educational institutions. Government grants help fund ideas and projects providing public services and stimulating the economy. For example, an economics program may be designed to strengthen empirical and theoretical economic analysis, as well as the methods for rigorous research on economic behavior.
Grants may also support critical recovery initiatives, agricultural projects, and innovative research in all sorts of fields.
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Alberta Export Expansion Program
The Alberta Export Expansion Program provides funding support to Alberta small and medium-sized enterprises , municipalities, industry associations, Indigenous communities and economic development organizations promoting Alberta exports through outbound international business travel or bringing international buyers to Alberta.
What Are The Major Funding Options For Small Businesses
Small business finance is one of the many perplexing issues in the U.S. economy. Federal, state and local governments have all created government subsidy or incentive programs to try and facilitate small business funding. Commercial banks and private investors also play a key role in funding small businesses. Finally, the business owners themselves often provide most, if not all, of the funding for a start-up small business.
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Types Of Small Business Grants
There are several types of grants, and you may only be eligible for certain ones.
First, there are grants offered by the government. This includes entities like the U.S. Small Business Administration and more niche departments such as the National Institute of Health, which will have industry-specific requirements for applicants.
Then there are grants offered by private companies. These may be more general and open to a wider base.
Some grants target specific groups, like women or minority entrepreneurs or veterans.
Currently, we also have grants aimed to help those negatively impacted by the coronavirus pandemic.
How Can You Apply For Idc Funding
The IDC government funds aims are: Job creation potential, rural development, urban renewal and poverty alleviation, the employment of women and youth as well as up-skilling of employees. All of the projects that the IDC funds, need to show economic viability and sustainability and should target previously disadvantaged groups, women, people with disabilities, low income working groups and marginalised communities.
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Grants Loans And Programs To Benefit Your Small Business
When you know where to look, help for your small business is there for the taking.
There are many grant programs available to small businesses, depending on a variety of qualifying factors.
Times are tough for small business, but help is available, from both the governmentfederal, state or localand the private sector. It may be in the form of a grant, a loan or a leg up competing in a difficult business environment. Heres a breakdown to help you sort through whats available.
Shuttered Venue Operators Grants
The Shuttered Venue Operator Grant program has closed, but the SBA says that it will open the program for supplemental SVOGs for 50% of the original award amount, capped at a total of $10 million.
Those eligible businesses include:
- Live performing arts organization operators
- Relevant museum operators, zoos and aquariums who meet specific criteria
- Motion picture theater operators, or
- Talent representatives
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Your Business Plan/ Your Pitchdeck
Getting funding may be critical to your small business in Nova Scotia, so it is important to improve your chances as much as you can before you apply.
This means following the known factors that are critical such as having a detailed business plan and PitchDeck.
Government funding agencies will look at your business plan as the ultimate guide on information about your small business, your needs and the potential you have before they make their decision to invest in you or not.
This makes it critical that you as the business owner have a solid business plan.
A typical business plan can cost between $1,500 to $2,500 to write professionally but be careful as even those professionally written business plans often miss the important steps that funding agencies want to see.
Dont forget you can make both a PitchDeck and a Business Plan Builder Tool with the Small Business Startup Platform.
So, lets take a look at some of those
- Introduction to your business
- Funding needs
- Financial projections
While these sections may vary from business plan to business plan, the important steps to follow is to include the information that is needed in explaining you business model to the potential funding agencies who may be reviewing your plan.
It is important to note your funding needs in a clear, broken down and very well explained method. If for example you need funding for marketing costs, it is important that your marketing plan is very well explained and detailed.
How To Find And Apply For Small Business Grants
If you think your business may qualify for a grant, the resources below can help you with your search:
Grants.gov is Uncle Sams central repository and searchable database of over 1,000 different grant programs. To narrow down your search to small business grants, navigate to the Browse Eligibilities tab and select Small Businesses.
State and local grants
Contact your state economic development agency for information about discretionary incentive grants.
Corporate and nonprofit grants
Small business grants are also available from select nonprofits and corporations, such as the Intuit Love our Local Business campaign.
SBIR grants for R& D businesses
As mentioned above, if your small business is engaged in research and development , you may be eligible for a Small Business Innovation Research grant. SBIR is a federal program, overseen by the U.S. Small Business Administration , that awards grants and government contracts to stimulate high-tech innovation and grow the economy by supporting the R& D necessary to develop and commercialize innovative technological products. In 2010, SBIR awarded approximately $2 billion in research funds, with more than half the awards going to businesses that employed fewer than 25 people.
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