Your go-to guide for debunking the myths surrounding grant funding.
Think you know all that there is to know about grants? Think again. The dynamic grant world is constantly growing and evolving every day, so it can be a challenge to keep up! The harsh reality of the Canadian grant landscape is that access to information and funding is WAY more complicated than it needs to be.
Because of the proverbial “red tape” often related to grant funding, there are countless misconceptions about grant funding and the application process, many of which we hear from our users every day!
But have no fear, Pocketed is here to set the record straight. After reading this blog post, you will be a certified grant genius and well on your way to securing that bag!
Myth #1: I’m not eligible for any grants.
There is funding available for almost every business profile. Big, small, for-profit, non-profit, sole proprietorships — the list goes on! The problem is that you’re looking in the wrong places.
Grant hunting can be time-consuming, frustrating, and often fruitless. Let us do the work for you! Gone are the days of scrolling for hours and coming up empty-handed; we’ll take care of that.
By creating a Pocketed profile, we automatically connect you with grants that you are eligible for based on your business information and goals! It really is as simple as that. We take the guesswork out of grant funding so that you can focus on your business!
Myth #2: I have to be incorporated.
In most cases, this is true. You need to be an incorporated business for at least one year to qualify for most (but not all) Canadian grant funding programs. There are exceptions, but funding for unincorporated businesses is limited and is claimed quick.
Pocketed makes finding grants you are eligible for easy by matching you with funding based on your profile and goals! We can also help you get incorporated quickly (and affordably) through one of our partners, ensuring that you have access to the most funding possible!
Myth #3: Grants are just free money to spend however I want
In reality, there are very few grants that give you access to money to do with whatever you please. Womp, womp.
Although there are a select few grants that provide you with a “fund” to allocate towards development/internal equipment, there is typically a lot of documentation required about how and where the money was spent. Of course, you should never hesitate to inquire about potential opportunities as many granting agencies are open to certain changing requests, as long as they make sense.
The money is yours to spend, within reason, and if you follow the rules! Pocketed ensures that all grant guidelines are highlighted and clear so that there is never room for misconception regarding how your awarded funding can be spent!
Myth #4: If I apply for a grant, I will get the money immediately!
Money, money, money! Being approved for grant funding is so exciting and people often assume that as soon as you are approved, you immediately have access to the funds.
In actuality, most grants reimburse you for your incurred costs or investment, rather than providing you with the money upfront. This means that you (usually) need to have upfront cash available to execute your planned projects or activities. Each grant program is different, but you will often receive payment from the grant administrator at a midway point or at the end of the grant coverage period.
Myth #5: Well, if they don’t give me the money right away, I can’t apply for a grant because I don’t have the cash on hand…
As a start-up, we know firsthand how challenging it can be to come up with the cold hard cash while waiting to be reimbursed by the grant program.
If you don’t have enough cash on hand to actually utilize a grant that you have been awarded, we have options for you! Pocketed offers grant-based financing at founder-friendly interest rates! You get a grant; we get you the cash. Contact us or book a call directly with one of our team members to learn more!
Myth #6: Grants take forever to get, and the application process is so long!
Application process lengths really depend on the type of grant that you are applying for. For example, some hiring grants are relatively quick to complete with only a few steps to submission, but others- like market expansion grants- may take you longer as you’ll need to create and submit detailed project plans.
One of Pocketed’s amazing perks is that you are told what is required for each unique grant application AND how long it will take to apply. We take the guesswork out of your application process so that you can find and apply to the grants that are perfect for you and your business goals!
Myth #7: Once I submit my application, I will know immediately if I was approved.
Like application process lengths, each grant approval process is unique, so the timelines can vary. Some grants may be approved within 48 hours of submission, while others may take anywhere from 4–6 weeks to be approved.
Some of the “big juicy grants” actually have a 6–12-month processing period!
When searching and applying for grants, Pocketed tells you the typical approval timelines for each grant so that you can plan ahead and know exactly what to expect from your grant funding journey!
Myth #8: Grants aren’t taxable
Grants are indeed considered taxable income in Canada. Depending on your use case, you will likely report them as a reduction of an expense on your Corporate T2 Return.
In the case of a hiring grant used to bring on a student employee, you would deduct the grant funding from your claimed wage expense. Always talk to your accountant — if you don’t have an accountant, we can hook you up with that too! We’re not accountants, but we have an incredible network of brilliant people who can help you! Tap into their genius.
Myth #9: Applying for grants is too complicated, I don’t have the time or resources to deal with them, so it’s not worth it.
We hear you! Finding and accessing grant funding can be incredibly daunting! As a grant-funded team, we can attest to this firsthand.
We know this process can seem overwhelming, which is why we are here to help! Visit our homepage at hellopocketed.io to sign up for your account today and browse all the incredible grants that your business is eligible for.
If you are looking to be less hands-on with the process or need a little more assistance, you can get access our support networks that can help you with grant writing, editing, and application submission! (These are paid services but can be very worthwhile for time-strapped entrepreneurs!)
Myth #10: It costs money to find grants.
Here at Pocketed, we believe in breaking down financial barriers for entrepreneurs and businesses. Our platform allows you to create a profile based on your specific business parameters and filter through grants that you are eligible for. We do all the hard work of weeding out the grants that don’t match your business or your goals! We want to ensure that the billions of dollars of untapped non-dilutive grant funding is accessible for ALL!
Ready to get funded?
Now that we have debunked some of the more common myths surrounding grant funding, you’re ready to start securing funding with Pocketed!
If you still have any questions, we have a team of experts ready to help! Please reach out with any comments, questions, or concerns at any time. Remember, we’re here to help!
Well, what are you waiting for? Get on the platform and start applying today!