Canadian small business grants
The CoronaVirus pandemic has left many people jobless and small businesses struggling. Thousands of Canadians are feeling insecure about their financial future. As such, most opt to buy items based on small prices, forgo regular memberships, and stay indoors to save.
What about those small businesses struggling to stay in the game? Where does this leave them? It’s crucial to remember that these businesses are crucial to Canada’s economic growth. They play a vital role in our families and communities.
And that’s why the government offers grants to support. This is important especially during these crucial times. These grants are currently available for different SMEs. Here are the ten best grants that can help your business today.
1. CanExport Program
The CanExport Program is not a new grant in Canada. It’s given to support export marketing and international expansion. The program has recently undergone some temporary changes due to the pandemic. Exporters can get up to 75% grants for their project costs.
2. Canada Job Grant
This is a government program designed to cut the costs of finding third-party skills training for new and current employees. You can find it in every province and territory. This is a non-repayable grant that can cover 50 to 100% of the training costs.
It’s available for SMEs with $2M liability insurance. Utilize this grant to give your employees a better chance to compete in the global market.
3. Canadian Manufacturers & Exporters Technology Assessment Program (CMETAP)
The CMETAP is a program that offers support to manufacturers in Southern Ontario. It seeks to help them improve their systems, processes, and equipment by bringing in third-party assessments, covering up to 100% of the costs.
Any manufacturer can qualify for this grant. You just have to see the requirements and make sure you have everything needed.
4. Innovative Solutions Canada (ISC)
ISC avails government grants and procurement contracts for technology research and development. The program is for startups and SMEs, helping them overcome development difficulties, with up to $150k in phase one.
The second phase gets over $1m and their phase has an unlimited offer. This is one of the best grants for innovators.
5. Industrial Research Assistance Program (IRAP)
Any research-based or technical project is eligible for the IRAP grant. It’s aimed to help them resolve internal innovation challenges with up to 80% of direct labor and 50% of subcontracting costs.
A company must have 1 to 500 people on its payroll. With this grant, a company can get outside technology experts to look at what’s working for them and what’s not.
6. Next Generation Manufacturing Canada (NGen)
The NGen is a grant that supports collaborative development in technology and applications that boost Canadian manufacturers to a global market.
A company can get an offset of up to 44% of the qualified project expenses. It is open to all businesses. Apply for this grant to fund your next gen innovation.
7. The Canadian Emergency Response
Canadian businesses have received close to $100 billion to combat the effects of the pandemic. Any business that was registered and active before March 1, 2020, stands a chance to get this grant.
The pandemic affected many businesses. This is one way for the government to keep them operating, for a bright economic future.
8. Ontario Creates’ Interactive Digital Media Fund (IDMF)
The Ontario government offers the IDMF grant to take care of part of the costs relate to concept definition and production. Digital media developers can use this grant to leverage government funding for their growth.
They can get up to 50% of the expenses. Apply for this grant if you are running a business in Ontario.
9. Strategic Innovation Fund (SIF)
Technology development and productivity-boosting projects can apply for the SIF funding. This is a program that supports large-scale investments. It also encourages technological innovations by offering up to 50% of project costs.
10. Hiring Grants
Canada offers a wide range of hiring grants. They can be used for the onboarding and training of new employees. The amount depends on the size of the organization. It’s a good way for companies to keep operating amidst challenges.
There are many grants in Canada that can help your business grow. Take advantage of them and take your business to the next level.
- Article based on personal opinion, experience and research.
- Photos from Unsplash & canva.