Canadian businesses have many funding options to consider when seeking growth capital

GrantMatch is here to help evaluate the best fit for your specific goals. When starting or growing a business, many turn to traditional sources for funding. These options may include: 

• Personal savings or loans,  

• Private equity,  

• Credit cards,  

• Investors/seed funding,  

• Bank and business loans,  

• Secured loans, or  

• Other online business loan providers. 

These options can be effective but time consuming—applying and qualifying for loans, approaching and courting investors, securing relationships—and dilutive, meaning a portion of your business equity must be taken in exchange for financing. Many credit card purchases and business loans come with aggressive repayment terms and high interest rates.  

Grants may offer a beneficial alternative financing option, though they’re often overlooked. Some notes regarding grants for your business: 

• Most grants are non-repayable. That is, grants offer “free” money to businesses and organizations without repayment or equity conditions, as long as strict eligibility requirements are met. Confirming eligibility is essential, as government grants are designed to promote and encourage business investments with positive impacts on the economy and society, fueling growth in key sectors.  

• Grants can support traditional loans. Grants can serve to complement or build on existing loans, potentially making an initiative go further, as many grant programs require a capital contribution from an applicant to qualify. 

• Grants are not guaranteed. While confirming eligibility and developing a clear plan can increase your chances of successful applications, traditional loans offer added security and assurance in terms of predictability. It would be unwise to stake large project plans on a grant approval as the results are uncertain. Increase your likelihood of success with grants by researching and following these steps. 

• Consider all the financing options. Before applying for a large loan, or after receiving approval for one, consider how a grant may supplement your growth capital, or offset your traditional borrowing needs. Think ahead for your business in terms of repayment, interest rates, dilutive conditions, risks, and likelihood of grant approval.   

• Consider timing and eligible costs. In most cases, eligible costs for a grant cannot be incurred until funding approval is confirmed, meaning your project may remain on pause until your application is assessed. Grant guidelines are very specific as to how (and when) funding may cover eligible capital costs such as equipment, facilities, hiring, staff training, new technologies, retrofits, sustainability or accessibility upgrades, etc. 

With many benefits over traditional lending options, and the ability to work with existing loans, grants may be the ideal funding source to support strategic growth for your business. 

Interested in signing up for ongoing, customized grant program matches? Consider the GrantMatch Hub.  

To solve the challenges that many business owners face in determining which grant programs they may be eligible for, the GrantMatch team developed the GrantMatch Hub, a brand new, all-in-one platform that makes it easy to identify and apply for grants that fit your business. For as little as $25 per month (when you sign up for an annual subscription), you can access customized, continually updated program matches, clear program summaries, and more. 

The sign-up process is simple:   

• Click here  to create your account.  

• Start by filling out some basic information about your business (sector, number of employees, revenue range, etc.).  

• Choose between a monthly or annual subscription and complete checkout.  

• Explore what the platform has to offer and begin reviewing curated grant program matches for your business. 

• Receive new grant matches in your inbox as programs are introduced. 

 The GrantMatch Hub gives you the tools you need to succeed in securing funding.