6 Small Business Grants in Canada
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In today’s fast-paced corporate environment, gaining an edge can mean the difference between prospering and merely surviving. For Canadian entrepreneurs, tapping into the numerous small business grants available can provide that much-needed boost. If you are starting a business in Canada, leveraging these grants can serve as a strategic tool for start-ups, aiding them in navigating the initial financial challenges, streamlining their fiscal plans, and ensuring a more secure foundation as they venture into the Canadian market
This article sheds light on some of the most significant small business grants in Canada so that you are prepared to take advantage of these grants.
1. Agricultural Clean Technology (ACT) Program
A significant initiative by the Canadian government, the ACT program primarily targets the agricultural sector. It offers support to businesses aiming to adopt new clean technologies, both to address environmental concerns and enhance their overall competitiveness. Whether it’s about improving soil health or reducing greenhouse gas emissions, this grant ensures the agricultural sector remains sustainable and innovative. The Adoption Stream and the Research and Innovation Stream are the two channels through which funding is distributed.
- Funding: For each of the two streams, qualified candidates can receive up to $2 million or $5 million per candidate (with numerous projects) in funding, or between 50 and 75 percent of expenditures.
- Eligibility: Provincial and territory governments as well as for-profit and nonprofit entities in Canada are eligible to submit applications for both streams.
2. Canada Digital Adoption Program (CDAP)
In an era where digital transformation rules the roost, CDAP comes as a boon for small businesses. This program aids companies in embracing digital technologies, from e-commerce portals to digital marketing. By accessing this grant, businesses can not only enhance their online presence but also achieve higher efficiency and scalability. The CDAP program has two financing sources: the Boost Your Business Technology stream & the Grow Your Business Online stream.
- Funding: The Grow Your Business Online stream provides suitable candidates with non-repayable grant benefits for around $2,400, whereas the Boost Your Business Technology stream provides non-repayable grant benefits that can cover ninety percent of qualifying project expenditures up to a total of $15,000 per SME.
3. CanExport SMEs
Are you eyeing the global market? CanExport SMEs can be your ticket to international success. Customized for small and medium-sized businesses, this program provides funding to explore new international market opportunities. This means you can now assess foreign markets, attend trade fairs, or even develop promotional materials without straining your budget.
- Funding: The maximum grant amount per project for qualified individuals is $50,000.
- Eligibility: Candidates must be Canadian for-profit corporations with at least 500 full-time payroll workers and yearly Canadian revenues ranging from $100,000 to $100 million.
4. Creative Export Canada (CEC) – Export Development Stream (EDS)
Specifically designed for the creative industries, the CEC’s EDS offers a helping hand to businesses aiming to reach international audiences. Regardless of what creative industry you work in—movies, music, publishing, etc, this program can be instrumental in amplifying your global reach. Get support for marketing, promotion, and various export-related activities, ensuring your creative voice gets heard beyond borders.
- Funding: The maximum amount of acceptable expenses that may be accessed by qualified candidates for each fiscal year is $90,000.
- Eligibility: The candidate has to be a for-profit or nonprofit corporation with at least one full-time worker and a yearly income of up to $10 million.
5. Innovative Solutions Canada (ISC)
Innovation is the lifeblood of business success, and ISC ensures Canadian businesses remain at the forefront. This unique program challenges entrepreneurs to solve specific government-identified problems with innovative solutions. Not only does it offer financial support, but it also provides a platform to test, develop, and then sell your innovation to the government as a first client.
6. Industrial Research Assistance Program (IRAP)
Tapping into the potential of research and development, IRAP provides financial support to businesses committed to technological innovation. If you’re striving to create next-generation products or services, this program can fuel your research endeavors, ensuring you remain competitive and ahead of the curve.
Canada’s commitment to nurturing its small businesses is evident in the plethora of grants it offers. From technology adoption to international market exploration, there’s support available at every step. If you are looking to start a business in Canada then you can leverage these grants, stay informed, and propel your business to new heights in the Canadian landscape.
For any further queries, you can speak with our experts at OnDemand International. Our experts will assist you in setting up a business in Canada and will further help you acquire the necessary information with the various Canadian small business grants.
Small business grants are non-repayable funds provided by governmental bodies, non-profit organizations, or other institutions to support and encourage the growth of small businesses.
Typically, Canadian small businesses, start-ups, and sometimes non-profit organizations can apply. However, eligibility criteria vary by the type of grant you are applying for.
The Canadian government has various portals, such as the Canada Business Network, where businesses can search for available grants. Provincial and territorial websites may also have listings specific to their region.
A grant is non-repayable funding, whereas a loan must be repaid with interest.