Information on tax credits, government funding or private financing is hard to come by.
So how do you get this information for business owner clients?
Advisors can access a bilingual, online database called TheFundingPortal.com. It tallies more than 4,000 distinct sources of Canadian grants, contributions, tax incentives and private financing in the form of angel, venture capital and private equity. The funds are available 24/7, and at publication time the Portal's ticker indicates more than $24 billion is available to entrepreneurs and small and medium-sized businesses (SMEs).
A comparable service is provided by the federal government's Canada Business Network, which allows businesses to fund opportunities from a database of 415 federal and provincial programs based on location, industry sector and funding objective.
However, 80% of government funding applications are rejected for non-compliance.
Here are 3 ways to give your client's application an edge.
- Write an application that addresses the funders' objectives. For public funding, consider the government's objectives in providing the programs, such as job creation and diversifying the local economy. If you're pitching to private funders, explain the returns they'll get.
- Focus on your client's proven track record of success by citing external recognition and awards.
- Ensure your client meets all of the eligibility criteria. If a government program says it selects companies with five board members, three will not do. Each has its own eligibility factors. Identify all the options for your clients, as well as those that may be available after certain tweaks.