Introduction
Saskatchewan’s economic growth is mainly facilitated through financing and grants for businesses. Firms of different sizes that are for-profit or non-profit organizations are often qualified entities for Saskatchewan grants and financing programs. Since some initiatives are focused on metropolitan regions and others are designed for rural areas of Saskatchewan, the placement of the firm can also play a significant role in financing prospects.
When applying for Saskatchewan grants, small company owners must present precise data and documentation to show how the firm or planned project meets the program’s financing requirements. As a result, organizations should constantly collect the following data to guarantee they are fully prepared. Aside from business licenses and registrations that permit the firm to operate lawfully, it is also essential to have financial reports. As seen from the budget statement, it is vital to emphasize streams of revenue in the previous year as well as the company’s current financial position. Moreover, it is necessary to indicate the number of employees in the company and cost structure as well as a business strategy or project plan.
Jobs and Growth Fund in Western Canada
Western Canada’s Jobs and Growth Fund is a federally funded initiative that promotes economy and employment generation. Depending on the type of company, funding might take the form of zero-interest loans or a grant that does not necessitate paying back (Government of Canada, 2021). The authority will pay the costs of authorized activities, such as those that help Canada maintain the country’s competitiveness in the digital environment and improve vital sectors of the economy. Western Economic Diversification Canada (WD) has committed $217 million to this plan (Government of Canada, 2021). Companies can receive up to 50% of eligible costs through a donation.
The Canada-Saskatchewan Job Grant
The Canada-Saskatchewan Job Grant is a government initiative that assists companies and charitable organizations in training new and existing staff members. Companies who apply for financing through this Saskatchewan small company awards program are eligible to receive up to $100,000 annually, with a limit of $10,000 per employee (Government of Saskatchewan, n.d.). Such a budget opportunity allows flexible training, including training itself and post-training educational support. The well-trained employees are crucial in establishing any company’s long-term developmental opportunities. Therefore, these grants are vital for consideration to ensure the highly qualified personnel.
The Role of Grants as a Funding Opportunity
Grants, governmental loans, and funding for small businesses can provide opportunities for developing the long-established working capital. Analyzing the streams of revenue for the long-terms growth plans of the business, it is vital to emphasize that outside capital is necessary (Arya & Nagar, 2021). It supports the efficient development of the company when the stakeholders’ resources are over. The cost structure shown in the budget statement emphasizes that the potential paying-off of their operational costs can be noted only after one or two years of the company’s functioning. Growth funds are a helpful resource to overcome potential cost-related threats.
Considering the specificity of the Better Meetings, the efficient training of the personnel is one of the primaries aims which the CEO should consider. The long-time training and future operational support of the new employees contribute to the new developmental opportunities ensuring stable growth (Bryan et al., 2018). From this perspective, job grant’s resources can be efficiently allocated to improve the employees’ skills and knowledge, advancing the general quality of the services. For example, the work of facilitators conditions general business success. Thus, this type of grant and funding can be used for subsequent training during the working process. The discussed types of funding are vital to be considered by the organization because it allows for establishing long-term sustainability developmental plans.
References
Arya, A., & Nagar, N. (2018). Stewardship value of income statement classifications: An empirical examination. Journal of Accounting, Auditing & Finance, 36, 56–80. Web.
Bryan, B., Calvo, R., Christensen, H., Gayed, A., Glozier, N., Harvey, S., Madan, I., Milner, A., Mykletun, A. (2018). Effectiveness of training workplace managers to understand and support the mental health needs of employees: A systematic review and meta-analysis. Occupational and Environmental Medicine, 75, 462–470.
Government of Canada. (2021). Jobs and Growth Fund in Western Canada.
Government of Saskatchewan. (n.d.). The Canada-Saskatchewan Job Grant.
Maharani, L., & Nurnida, I. (2018). The effect of training on employees’ performance. Jurnal Sekretaris dan Administrasi Bisnis, 2(2), 52–59.