Secure your business growth with an expert Government Funding Proposal by Soleimani CPA. Professional support to access grants, loans, and incentives seamlessly. In our first blog about accessing Canadian Government Funding for your business, we talked about the specifics of grants and loans, how they work, and which one might be right for you. But there’s a whole lot more you need to do before that money might land in your hands, and convincing the funders that you’re a good risk is one of the most important steps on which you can concentrate.
Truly, anyone can fill out the paperwork that asks for funding from the Canadian government, so it’s extra important that you stand out from the crowd, so to speak. Thousands and thousands of would-be businesses apply for funding each year, which means that not everyone will receive it. In actuality, only a small percentage of those who apply are fortunate enough to garner a loan or grant, which is why you need to stack the blocks in your favor even before you take pencil to paper.
Make an appearance on the Government Funding Proposal
Your funding proposal, of course, is going the document that sells your idea. Keep in mind that those charged with the task of who gets funding and who doesn’t read dozens of these proposals each week, so you need to determine a way for yours to stand out. Your proposal must be memorable…and so should you.
One way to make your proposal jump out of the pack is to make a face-to-face appointment with the local office of the department or agency to which you are applying. In other words, help those who make the decisions get to know you, even if your meeting is brief. By creating personal contact, when your proposal eventually lands on someone’s desk, that someone will be expecting it, will know something about you, and can put a face with a name. A business plan is just a bunch of words but a good first impression is worth its weight in gold.
Eligibility criteria vs assessment criteria
If you’re ready to write a proposal, chances are you’ve done some homework and know that you are eligible for the loan or grant for which you are applying. The departments or agencies in question widely publicize their eligibility criteria so it isn’t difficult to figure out whether or not your application will even be considered.
However, you may not have any information on how your application is assessed, which is information that could make all the difference as to whether or not you get your Government Funding Proposal. So, what is it that elected officials are looking for when they read your presentation?
Adverse Competitive Impact – Did you know governing officials review each application to evaluate your business’s potential to negatively affect an existing business? They aim to avoid approving loans or grants that might cause another local company to shut down.
Net Economic Benefits – Will your company create new jobs in the local labor market and boost community spending without harming another business? Officials will consider these factors, and if your business demonstrates clear net economic benefits to the community, your chances of securing a grant or loan will improve.
Economic viability –
Reviewers assess your proposal to determine if you are a good investment. They ask whether your business will be profitable, making it essential to include well-crafted sales projections based on industry standards. Ensure these projections are accurate and not exaggerated. Additionally, reviewers evaluate you as a potential owner, focusing on whether your expertise in your business field qualifies you to succeed. For instance, if you plan to open a gym, you should highlight your knowledge and experience in areas like exercise science or personal training. They may also conduct a credit check to verify your financial stability.
When addressing sustainable jobs, your proposal must explain how your business will create jobs and generate enough income to maintain them after any government loan or grant ends. Reviewers want assurance that these jobs will be permanent. Financial statements and sales projections should clearly demonstrate your company’s ability to positively impact the local economy.
These guidelines should set you on your way to writing a viable proposal for government funding, one that will hopefully result in an affirmative response from the Canadian government department or agency to which you are applying.
Of course, these loans and grants also have tax implications and can otherwise affect the way you handle money. If you need assistance in figuring out the specifics of accepting government funds, we can help.
At Soleimani Accounting, we specialize in providing professional accounting services for small businesses and corporations, including those just getting started. For a free 30-minute consultation, call us at 604-781-2412.