If you're running any sort of business in this world then one of the things that has to be on your mind is money. You could be completely passionate about working with animals or working with preschool children but you're not going to be able to make that your permanent career without paying the bills and getting all of the supplies and staff that you need. If you're just starting a new business and need to get some start-up capital then there are some places where you can go for help in Canada. Here are some of the best options when it comes to grants and loans.
Grants are one-time donations of money to help you with one side of your business. There are many offered by different government agencies to people starting businesses in a variety of sectors and some by private organizations and global enterprises. If you're interested in getting a grant for your catering business or new fashion house then you should know exactly what the money will be used for and look for the perfect grant based on this information. For example, there are grants offered for relocation of a business and others to help with product development.
If you're in a business that is likely to need money every year to really succeed and grow then you might want to look into subsidies rather than grants. When we think of these in Canada we most often associate them with farming. You will find that if you're planning on running a law firm or a chocolate shop that there are less of these available then for those that are providing vital services and products that could help to boost the economy.
The third thing that you might want to look into is a loan. This is of course money that you will have to pay back to the government or company that you're borrowing from over the course of a few months or a few years. When you're running a small business these generally work a little different than when you're getting a personal loan. So, you should make sure that you know exactly what they are going to want to see in terms of documentation and what the expectations are for paying back the loan. There are even some loans that can end up turning into grants or the other way around. So, whether you're applying as a dog groomer or baby supply shop owner, you should make sure you read the fine print with anyone that is giving or lending you money. Here is more resources on starting a business in Canada.