Small Community Grants of 5 to 10 Thousand Dollars for Idea People
The fifth method of getting finance is about organizations in different provinces which help idea people with 5 to 10 thousand dollars, so these people can start their businesses.
For example, there is an organization called Access Community in Ontario where you can make a request and receive up to 5 thousand dollars as an aid. There are many organizations like it, and you can google on the internet and find them.
All of these organizations are non-governmental establishments, and they will not ask for a deposit. They evaluate your business plan and give you about 5 to 10 thousand dollars ex gratia. Albeit, their options are difficult. First, you should enter your information in an application, so they can evaluate the possibility of your success.
This is one reason a business plan matters even for small amounts of money. The organization is not judging your enthusiasm. It is judging whether your plan shows a real possibility of success.
You should offer each idea to a certain organization. Some of them only invest in special fields such as production, and if you intend to provide services, some organizations might not be interested in investment. Certain organizations also provide aid only for women. Reading the conditions before you apply saves you time and avoids a pointless application.
Keep in mind that these amounts are small compared with a bank loan or an angel investment, but they have an advantage: there is no deposit and no sharing of ownership. They can be the first step of a larger financing path, because a funded idea with a documented plan is easier to present to the next source.
As with every method of financing, define in your business plan how you are going to provide finances. Research the organizations in your province, check their fields and conditions, and send each idea where it fits.