As a prospective business owner in Nova Scotia, Canada, it is essential to explore various funding options available to you, especially through government funding programs. These programs can provide financial assistance, guidance, and resources to help grow your business. However, it is crucial to understand the eligibility criteria and application processes to maximize your chances of securing funding.
This article aims to delve into these aspects, providing you with valuable information to make informed decisions.
- Research and Identify Government Funding Programs
There are several government funding programs available for business owners in Nova Scotia. According to statistics from the Atlantic Canada Opportunities Agency (ACOA), in the 2019-2020 financial year, 140 projects were approved, with a total investment of over $95.6 million.
Real-life Example: Consider “Side Door,” a Nova Scotia-based online platform that matches artists with hosts for unique performance experiences. The company secured $215,000 in funding from ACOA, enabling it to scale up its operations.
- Understand Eligibility Criteria
In a recent survey conducted by the Canadian Federation of Independent Business, about 65% of small business owners stated they were unaware or only somewhat aware of the available government funding. By ensuring you understand the eligibility criteria, you could be part of the successful 35% who leverage these opportunities.
- Prepare a Comprehensive Business Plan
Your business plan forms the backbone of your funding application. Success rates can significantly increase when a comprehensive business plan is included in your application. The Canada Business Network reports that entrepreneurs with a business plan are 30% more likely to grow their business.
For assistance in developing a strong business plan, contact:
- Follow the Application Process
In the 2019-2020 financial year, ACOA’s projects helped to create and maintain more than 6,700 jobs. This is an encouraging statistic, showing that funding bodies are interested in projects with the potential for job creation and economic growth.
- Seek Professional Assistance
Entrepreneurs who seek professional assistance to navigate the application process tend to have higher success rates. The Canadian Federation of Independent Business survey found that 60% of business owners found the funding application process difficult, with successful applicants often working with consultants or advisors.
The process of applying for government funding can be a challenging journey, but with thorough preparation and understanding of the requirements, it can lead to fruitful results. By tapping into the available resources and seeking professional guidance, prospective business owners in Nova Scotia can successfully secure funding for their ventures.
