Navigating the complex world of grant funding can be daunting, but with the right advice, your business can tap into valuable resources to fuel growth and innovation.
Recently, ATB Financial hosted a webinar titled "Grants 101" with the CEO of Pocketed, Brianna Blaney, who shared essential knowledge on securing grant funding. Read on for eleven key takeaways from the session:
- Understand grant requirements: All types of funding come with requirements. Typically, the primary expectation is a demonstrable benefit to Alberta and/or Canada. This can include job creation, innovation, or bolstering economic development.
- Competitive vs. entitlement grants: There are grants you need to compete for and others you're entitled to. Understanding the difference can help you better strategize your approach. Entitlement grants are generally based on meeting specific criteria, while competitive grants require a high-quality and persuasive application to stand out among applicants.
- Incorporation is key: To be eligible for grant funding, your business must be incorporated. This formal business structure not only opens doors to more funding opportunities but also provides a level of credibility and stability in the eyes of grant providers.
- Capital requirements: Before applying for grants, assess whether you have access to the necessary capital to undertake the grant-funded activities. Many grants require you to spend money upfront and get reimbursed later, so having financial flexibility is crucial.
- Prioritize T4 employees: Having employees on payroll (T4 employees) is a highly fundable activity. This demonstrates your commitment to job creation and can significantly increase your chances of securing grants.
- Growth and evolution: Grants are typically designed to support businesses that are growing or evolving, rather than those that are merely maintaining the status quo. Common fundable activities include creating jobs, expanding beyond Canada, research and innovating, and upskilling your team.
- Non-fundable activities: Routine operational expenses, marketing and advertising, founder salaries, general business maintenance, debt repayment, and buying a business are generally not eligible for grant funding. Grant seekers should focus on projects that align with grant providers’ priorities.
- Abundant opportunities: There are currently 1,610 grant programs open in Canada. This abundance of opportunities means that with the right strategy, there's likely a grant that fits your business needs.
- Developing a grant strategy: A successful grant funding strategy hinges on three key components: identifying your key projects and business activities for the next 12-24 months, setting clear timelines for each project, and articulating how these projects will benefit Canada. This structured approach can make your applications more compelling and organized.
- Play the long game: Obtaining grants requires patience. The process often involves a lot of "hurry up and wait." Build this into your strategy to avoid frustration and ensure you have the persistence needed to see it through.
- DIY or hire a grant writer: You have two choices when it comes to applying for grants: do it yourself or hire a professional. If the process seems overwhelming, or the grant program is particularly large or complex, hiring a grant writer can be a wise investment. Otherwise, with time and dedication, you can manage the application process on your own.
In summary, securing grant funding does not need to be intimidating. With careful planning, patience, and a clear understanding of what grant providers are looking for, you can align your business activities with fundable priorities. By taking time to prepare, you can unlock opportunities that can help grow your business.
ATB is hosting an encore session with Pocketed on August 8th, 2024. Participants will have the opportunity to ask questions specific to their business, and gain deeper insights into grant funding and availability.
Register here to secure your spot.
