Free Grant Money For Business – Navigating the Canadian government funding process can be difficult for businesses of all sizes. Optimizing the planning, writing, submission and reporting can take considerable time and resources; however, there are huge benefits associated with accessing funding regularly. Companies should take time to familiarize themselves with the options available when completing the Canadian government funding process to ensure they get the greatest result possible.
To support If you have questions about accessing business grants and loans, please review the information on this page that we are regularly asked about by Canadian companies. Our library of small business financing resources can also assist in independent evaluation of government financing programs. When you’re ready to discuss how Mentor Works can improve the financial process, call us at 1-888-599-3111 or visit our Get Financial Help page.
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Both the provincial and federal governments offer small business financing programs and services. There are two common ways companies search for Canadian government funding programs, including looking by their province/region of operation and researching by their project/investment area.
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Companies can also refer to our library of programs for a comprehensive view of the various financial grants of small business and low interest repayment loans available to Canadian businesses. These programs can be applied to many different activities such as employment and training, research and development, capital investment and business expansion.
To be eligible for most Canadian government funding programs, businesses must have been incorporated for at least three years and have at least 15 people on the payroll, although each program has its own eligibility requirements. This is to establish the financial stability of the organization. Generally speaking, most Canadian government grant programs are positioned to support incorporated small and medium enterprises (SMEs) and large enterprises.
Please consult our Canadian Small Business Financing Guide for more information on funding eligibility criteria and access our blog for program-specific eligibility factors.
No. Most programs support businesses with at least 15 employees, but there are other programs, such as employment and training grants, that support from 1 to 50 employees. Canadian government grants and loans are tailored to support small businesses and each has its own eligibility criteria.
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Yes, typically Canadian government funding programs will only approve applications from businesses that have been incorporated for at least three years, but there are also small business financing programs available for unincorporated businesses, although this funding is limited.
If you’re not sure whether or not your Canadian small business qualifies for grants and loans, contact us to learn more.
In order to be awarded Canadian government funding, the financial health of a business is important. Generally, a current balance sheet and income statement must be submitted with the application. At a minimum, some financial information will be required, such as a letter from your financial officer.
There are also several Internet resources to support the planning components. As part of our process, we support the development of customized business and project plans to act as supporting documentation for your funding application where necessary.
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The process for obtaining Scientific Research and Experimental Development (SR&ED) tax credits and incentives is significantly different. It is often more complex and time-consuming to process tax refunds compared to the typical Canadian government grant process. We have also seen the complexity of the claims process increase over the past few years while the total value of claims decreases.
Also, business owners are only entitled to SR&ED tax credits once a year. As such, no immediate or regular cash flow improvements are obtained. Small business grants and Canadian government funding programs are available at different points throughout the year and can provide immediate cash flow and direct support to upcoming projects.
To learn more about how government funding and SR&ED tax credits can be combined, watch this quick video on a holistic funding approach.
There are a number of small business grants and payday loans that focus on business expansion. These types of financial programs often seek to help businesses increase production to serve a larger portion of the domestic or international market. Projects generally include the expansion of facilities, adoption of innovative equipment, hiring and training of employees, and development of new markets through ambitious marketing and sales efforts.
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A primary goal of government funding is to maintain highly skilled talent in Canada, increase the number of skilled jobs in Canada and ensure their long-term sustainability. While expansion plans ensure that jobs are preserved at a Canadian operation, the financial options for expanding are significant.
To strengthen your business’s export expansion plans and learn how to access Canadian government financing for exporting, download the Canadian Business Guide to Exporting.
Do you want to expand your business into new markets? This video explains how government grants and loans can finance your business expansion projects.
Canadian government funding programs support a wide range of business activities and expenditures. There are grants and/or loans to hire and train new and existing employees; research and development for the innovation of new projects and products in various industries such as automotive, clean technology and manufacturing; there is capital investment funding to support new technology adoption; and financial programs such as CanExport that support global trade expansion for economic business growth.
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There are also currently various government COVID-19 funding programs that support businesses by compensating for loss of income and recovery costs related to the global pandemic.
This video explains what the four main financing activities are for government grants and loans and how to take advantage of them for your unique business.
Yes, but not to the same extent as established SMEs. In general you must be incorporated for at least two years to apply for non-repayable funds (small business grants), but there is a considerable amount of funding to support activities such as product and process applied research, engineering design, technological advancement, product. testing, certification, marketing studies, proof of concept, piloting and demonstration, and pre-commercial activities.
You can focus on groups like MaRS that provide market research and business projects from local universities and colleges. Mentor Works also offers resources for startups and entrepreneurs. Startups can download our Free Checklist to align your business for future financial success.
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Regional Innovation Centers (RIC) are another good source for provincial and federal funds. They also provide excellent business planning tools and support to help you determine the right strategies for growth. First, contact your local business center for more information on startup resources and support.
Across Canada, there are various employment subsidies to subsidize the entry of new graduates. These programs are often specifically targeted at particular industries, however some are more general and can support a wide range of employers or employees. Many government programs require you to find your graduate degree before applying. This is not optional – it is part of the process.
For most programs, graduates should have graduated within the last 3-5 years, and some programs also have age requirements – most often under 31 years of age.
Post-secondary employment pools are most abundant in the spring and summer each year, when the majority of new graduates are ready to enter the workforce. Companies can plan to ramp up recruitment around this time period to get the most value out of Canadian business employment grants. To discover currently available funding programs, please tell us more about the position you are applying for using our Payroll Subsidy ID contact form.
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Looking to hire recent graduates for your business? Learn more about government funding grants and loans for employment and training in Canada.
No. Financial programs currently support many different areas of business, from research and development to capital investment to business expansion and human resources. Training, lean manufacturing and design, export expansion, workforce expansion, IT best practices and energy efficiency projects are common activities that receive funding.
That does not mean that the government does not recognize the importance of R&D in terms of our economy. Retaining talent in Canada depends on collaboration and partnerships with innovative businesses and R&D facilities at our post-secondary institutions.
To learn what financing programs are available for a wide range of business activities, watch this quick educational video.
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There is more support for innovative research and development now than ever before in Canadian government funding. Disruptive technology development, demonstration and deployment is a key area of the government’s strategic investment initiatives. The Industrial Research Assistance Program (IRAP) is generally a great program to start with because it supports research and development projects of all sizes. Browse research grants and reimbursement funding to explore a wider range of options.
Not usually, because the government assesses risk similarly to how banks do. The government probably sees retail as a higher risk, so funding is limited in this case. But this does not mean that all avenues of financing are blocked. Also focus on regional centers such as CFDC and Small Business Centers. You may also be able to take advantage of employment and training funding.
Many Canadian business finance programs favor industrial and manufacturing companies. This is because product design, research, development and production improvement projects are most likely to lead to spin-off benefits across the Canadian economy. Manufacturers can begin the government funding process by seeking funding by project type.
Due to the high number of potential government funding programs producers
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