You have a great idea, and you’re ready to take your business to the next level. You’ve spent hours of your time researching, planning, and building, but you’re in need of funds. Where can you get a grant?
Luckily, there is a solution. In this post we will share a few tips on how to find grants that are right for your organization. We’ll also share how to track the money’s use once you receive a grant.
1. Grants for Your Business
Grants are one way to obtain funding for your business. They are awarded to qualified organizations and individuals that need financial assistance. Usually provided by government agencies, grants can be used to fund a variety of business expenses and projects. This can include purchasing new equipment, paying for advertising, paying for research, and/or paying employees.
2. Grants for Non-Profit Organizations
Non-profit organizations typically need funding to cover the cost of their operations. You can obtain grant money for a variety of purposes including supporting the programs you offer, creating a new product, and funding research. Grant money is typically awarded to those organizations that have a proven record of success and need funding for specific purposes.
3. Grants for Media
The grants available for entertainment projects vary depending on the project. The Canada Media Fund provides grants for screen-based Canadian content. This includes projects such as apps, games, TV shows, and documentaries.
Always be cautious when searching for grants online. It’s best to use a reliable source such as a government website. Here are a few to check out:
- BC Provincial Grants
- Alberta Government Programs
- Ontario Business Grants
- Canadian Business Grants and Financing
- National Research Council of Canada
- The Canada Media Fund
4. Tracking Your Funds
Once approved for grant funding, you’ll need a way to track how you spend the money. Tracking categories in Xero are a great way for you to identify and organize grant expenditures. If you’re not already using tracking categories, you should start now!
Xero’s tracking categories allow you to see how different areas of your business are doing. Many times, when you receive funding for your business or non-profit, you will be required to provide updates regarding how you spent the funds. Tracking categories can help you do this.
To create a tracking category in Xero, select the “New Tracking Category” option from the “Tracking Categories” menu. You can create a category for grant money you receive then assign that category every time you spend money from those funds. When you print your financial statements, it will be easy to see how you allocated your grant money.
In conclusion, one great way to obtain grants for your business is through the Federal government. Many cities or municipalities also offer grants to new businesses. You can also check with your local Chamber of Commerce. The grants you can apply for will depend on the organization you run. Contact us to learn more about how we can help you apply and account for grants.