Canada is perhaps, one of the most welcoming countries in the world right now, both in terms of social as well as economic inclusion. Having opened its doors to migrants as well as countryside citizens both in terms of reducing bureaucratic red tape and visible on-the-ground progressive posturing, Canadian mainstream economy has now become the number one destination for people from all walks of life, particularly aspiring business owners. The challenge most Canadian businesses are facing right now is how to find and take advantage of suitable Canadian government grants and loans to assist with their cash flow and accelerate their growth. After all, any business needs substantial investment before it can begin to spew back earnings as returns and this investment is almost always hard to come by, particularly for middle-class people who want to start small and safe.
Well, worry not. For, the Canadian govt. has one of the most diverse grants programs in place to help support every variation of an idea which can be potentially transformed into a profitable business venture.Each program has specific and exclusive eligibility criteria that you should be able to review easily prior to relating via an application in order to ensure your business and project are eligible. Most business owners receive financing through banking institutions.
However, they often overlook government grant funding for business activities from both the provincial (i.e. Ontario business grants) and federal levels of government, which is a bit discomforting. Government grants for small businesses grants and other funding for small business is abundantly available. It’s important to know the different types of funding for small business available out there. It should not be of any major concern if you are uncertain of your eligibility for any of the Canadian government funding programs listed above. Because support is available for businesses of all sizes, including startups/entrepreneurs. However the bulk of administration grants for small business units are earmarked for conventional and long-standing SMEs (i.e. 3+ years incorporated, +5 payroll employees, +$500,000 annual revenue).
Entrepreneurs in need of money to finance their Canadian small business may want to get a grant, loan, or another form of financial aid that can be put towards new equipment, renovations, training, advertising, and numerous other objectives. Various Canadian governments have set aside funds for funding programs (grants and loans) earmarked for financing small businesses like yours. In addition to that, there are many independent firms in the market which can easily help you to get your decision making sorted out and help you make an informed decision while offering a completely unbiased view of the various plans available. After all, it never hurts to get a second opinion.
Moreover, a number of rumors are being spread and there are lots of misconceptions about government grants for small businesses. The government isn’t giving away easy money and certainly not on a bad monetary whim – they’ve created openly funded plans to help the Canadian economy. Some programs are accessible to industries all over Canada, while others are constrained to certain occupational types or areas. Most funding programs have very strict necessities for use of funds and reporting requirements. Apart from all this, you can also get help in other ways. The Canadian administration can help your small commercial enterprise flourish by extending assistance in other ways, such as:
• Tax refunds and credits
• Wage subsidies
• Equity investments
Apart from being a help, these grants are also progressive as they encompass a wide array of businesses under their funding umbrellas. The most prominent few being Advanced Water Technologies (AWT), Agri Innovation Program (AIP), Apprenticeship Job Creation Tax Credit, Canada Media Fund: Experimental Stream, CDMN Soft-Landing Program, Investing in Business Innovation (IBI), Mitacs-Accelerate InDev, OMDC Export Fund – Interactive Digital Media, SD Tech Fund, TECTERRA Funding for Geomatics Companies and many others.
The main objective is that potential businesses should be aware that provided they have a solid business plan, the govt. is totally willing to support their undertaking whole-heartedly.