If you are planning projects in the areas of hiring and training, R&D, business development, capital investments, or green technology, lucrative grant funding is available to help offset your costs.
Understanding Grant Funding
Grants are awarded on a first come, first serve basis making it critical to align your projects with the correct programs. Although the funding is vast, there is also high levels of competition. In addition, companies are required to apply for funding before they incur costs and must pre-qualify in order to receive funds. Most companies lack the internal expertise and time in order to navigate through the application process. And many just assume that they don’t qualify.
When considering grant funding for their business, many companies are left asking themselves the following questions:
- What are all the available grant programs and which ones apply to my company?
- How much effort is required to apply? How much money can I get from each program?
- Is it complicated to apply to the programs we are eligible for?
- If I want to stay informed on program changes how do I gain visibility to the addition of new programs and updates to existing programs?
The Funding Categories
Grants go far beyond innovation, it is important to start mapping your investments into these funding categories
Common Industry Challenges
When considering applying for government funding, there are many potential road blocks which can make it challenging to know the next steps. Below are some common industry challenges many companies face:
- There are thousands of programs with varying eligibility criteria and application processes, knowing which one you are eligible for can be tricky.
- The funding landscape is constantly evolving with the frequent introduction of new programs, unscheduled end of existing ones, or the depletion of funds without prior notice. This makes it imperative for you to proactively identify your program of choice, and align your planned initiatives accordingly.
- In contrast to most tax credits, applicants need to be approved in advance and therefore require appropriate planning and alignment with their overall business strategy. As we mentioned, when it comes to government grant funding it is imperative you apply for funding before you incur any project costs.
- Due to limited funding being offered, competition is high. Therefore, it is crucial to plan your applications. Funding programs are allocated set funds and funding depletes quickly, so making sure you submit a strong application immediately is crucial to securing your business the grant funding it needs.
- In addition, grant funds can also impact an organization’s SR&ED tax credit claim. Therefore, it is necessary to have a strategy to maximize the combination of both programs. Being experts in all things funding, our team is able to combine multiple avenues of funding in order to maximize your overall return.
Our MethodologyWhy Ayming?
We have a team of grant professionals with the expertise and industry know-how to develop a funding strategy complimenting your planned investments and tailored to your specific needs. The key is finding the right grant programs that align with your business goals. We work with your team to understand your near-term needs and long-term objectives and effectively identify the best funding options available to your business.
Our proprietary database includes thousands of government programs, allowing us to track all federal and provincial funding for you. The database, combined with our vast experience and specialists located across the country, will result in a government funding strategy that complements your planned investment and is tailored to your specific projects and industry.