5 Reasons To Apply For Government Business Funding
Grants are one of the major governmental funding streams for start-ups and active small to medium sized businesses. The biggest benefit of business grants, is that the do not need to be paid back in any way. Why they may be technically “free”, you will need to have a sound business case to be approved for one.
Why should you apply for a grant?
The 5 main reasons why you should apply for a small business grant.
1. Marketing Initiatives
You can get funding for your marketing initiatives. The money can be used to pay for paper advertising, digital advertising, trade shows, or TV advertising. It can go into developing the marketing material, pay for the distribution, create logos, hire a sales force to pitch your product and pay for ancillary expenses (Marketing travel for instance)….
2. Expansion Initiatives
Funds can also be used to expand your current business, physical office/storage expansion and resources. Money can be applied to increase your factory size, your office space, your assembly line and it can also be used to hire human capital, including building new departments for your business like a shipping department or support.
3. Research and Development
One of the main usages for government grants today, is to drive research and development. You can use the grant money to fund new technological research that can be a new product or increase your own business efficiency, to be more environmental friendly or come up with industry wide solutions.
4. Incremental Improvements
You can also use government grants to improve your existing product line by providing more added values to your current offerings. Change packaging, bundles with internal or external products, and revisions, are all incremental improvements you can get a grant for.
5. Start-Up Capital
Another major usage for government grants is start up capital for a great business idea. Need funding for your new business? Come up with a proper business case and look for a grant that meets your niche and apply for it. The Canadian government allocates millions a year in government funding to start-ups that can provide value to the Canadian economy with their presence.
Canadian Business Publishers can help you find the funding that meets your needs. Contact us today. 1-888-707-3222