Finance & Innovation 28 04 2016

The top 3 things you may not know about government funding

Most funding programs do not cover past expenses

 

 

Lyne Choquette, Director, Business Strategy

 

1. Most funding programs do not cover past expenses

The vast majority of government funding programs, other than tax credits, do not provide funding for activities / expenditures that are already incurred. Once the application for government funding is submitted, some programs allow companies to incur eligible expenses pending the government’s analysis and official conclusion, but many do not.

Remember: do not incur expenses before filing the request for government assistance and validating if it is possible to begin spending funds on the project pending a formal government response.

2. Job creation plays a key role in funding decisions

Governments are supportive of and sensitive to projects that create jobs due to the economic benefits derived from them. Various grants are available for hiring and training new or current employees. When there is a request for government support for a project, governments analyze the economic impact of the project, including the creation of jobs.

Remember: specify the number of jobs created in the presentation of your project.

3. Exporting into foreign markets will get you far

Governments, both provincial and federal, promote the penetration of foreign markets through exports and favor projects that lead to economic benefits generated for the province or for Canada. Various export-related programs are available to companies presently exporting or wishing to do so.

Remember: in the presentation of your project, identify the current and targeted export markets, whether they be in another province or outside of Canada. Other news articles in this category