As a former investor for a large government-backed financier, I know there is a lot of public and FREE financing available to entrepreneurs, if you know where to look.
Free Financing for Entrepreneurs
Free government-backed financing is a great source for raising growth capital especially for early stage business because you don’t have to give up equity in your business.
Finding a Good Fit for Your Business
The difficulty with government grants or funding is that each institution offers its own program and it can be challenging to know of all the possible sources of financing.
The Application Process
Another factor that keeps entrepreneurs from accessing this capital is that each organization will require their own paperwork and application process, which can be quite time-consuming for entrepreneurs.
Seek Help if You Need It – But Exercise Caution
There are some businesses that will help find suitable grants and even do the application process for you; one great source is Mentorworks.
A note of caution – there are also businesses that are will claim to get you government grants for large payments upfront. I would not recommend dealing with any organization on these terms.
Meet with the Representative in Your Area
When you have an idea of the amount you are looking to raise, meet with the representative of the government in your area and ask them about their specific requirements before applying.
Great Sources for Government Grants
Some great sources for government grants are IRAP, SOFII, FedDev, MARS IAF and OCE programs .
New to Raising Capital?
If you’re new to raising capital, you may want to refer to this link which will give you a step by step guided approach as well as outline all the options available when it comes to public financing.