When you are a business, your success will depend on a lot
of things: your team, your vision, your product, and your brand identity.
All these things make up the formula of a good, stable
business. The deal is, though those things make up the organs of the business
body, the blood that circulates comes in the form of funds.
Without funds, practically anything for your business
becomes impossible. You cannot crack those new deals; you become unable to
bring in the resources, and you become unable to pay your employees. Funding is
the one thing that keeps a business afloat, and you are going to want a stable
source or pool to get it from.
The question is, "How do you do that?" Angel
investors, banks, and venture capital are all viable options, but another
reliable source that you can opt for are funding programs.
What Are Funding Programs?
Funding programs are a form of financial assistance that
organizations or government bodies provide to businesses that may participate
in projects that can bolster the economy.
This financial aid can come in the form of direct financial
assistance, advisory services, or provided technology. The sum given to the
grantee does not need to be repaid, but the organization that provided the
assistance will expect that the business pay back in results or completion of
the terms agreed upon on your grant.
Receiving a grant from a funding program is a tiresome
process, and there will be competition to diminish your chances of receiving
one. Nonetheless, that grant is something that will change the course of your
business, and you should have an idea of what funding programs are available in
your area.
If you own a small business in Canada, here is a list of 10
funding programs you can check out.
10 Canadian Funding Programs You Should Check Out
1. AgriAssurance: SME Stream-Canadian Agricultural Partnership
The AgriAssurance: SME-Canadian Agricultural Partnership is
an effort to help the agricultural sector of Canada reach global markets and
expand exports. By helping these businesses get third-party assurance
certification and a boost of funding, they can meet the requirements needed to
be on the global market.
To be eligible for this grant, applicants must:
- Be co-operative;
- Indigenous;
- Be in the business of growing and harvesting crops and
producing agri-products;
- Have less than 250 employees;
- Independently incorporated;
- I have done market research on how to export.
2. Canada Small Business Financing Program
The Canada Small Business Financing Program assists small
businesses with loans and shares the risk with loaners and lenders, making the
process of gaining loans from financial institutions easier. Activities such as
improving the land, renovating commercial buildings, improving technology, and
purchasing leases are among the available options for the maximum $1,000,000 in
financial assistance.
In order to be eligible, applicants must:
- Must be a small business within Canada and have less than
$10 million in gross annual revenues;
- Farming businesses are ineligible for this grant.
3. The Innovation in Apprenticeship Stream Under the Union Training and Innovation Program
The Innovation in Apprenticeship Stream Under the Union
Training and Innovation Program, the main objective is to increase the quality
of training and designated red-seal trades, paving the way for a more capable
and productive workforce.
It also aims to increase the participation of specific
groups in these trades to promote inclusivity and diversity. Some of these
groups include:
- Indigenous citizens of Canada;
- POCs;
- Persons with disabilities;
- Women;
- Visible minorities.
The Innovation in Apprenticeship Stream under the Union
Training and Innovation Program also has certain criteria for the projects
eligible for funding. Some of these include:
- Projects having innovative approaches to addressing
challenges in apprenticeship;
- Projects associated with broad-based partnerships between
different regions or trades
Some of the aforementioned challenges for the projects
include:
- Lack of resources to support an apprenticeship;
- Lack of certified and capable mentors;
- Language barriers;
- Cultural barriers;
- Gender stereotypes and gender discrimination;
- Harassment;
- Family obligations and limitations due to inflexible child
care;
- Issues with safety and productivity.
4. Foreign Credential Recognition Program
The FCRP provides funding to provincial organizations rather
than individuals. They may be national associations, regulatory bodies, or
assessment agencies. These organizations are to use the funding for programs
that assess the international credentials and work experience that individuals
gain from other countries.
The funding priorities focus on projects associated with the
Pan-Canadian Framework on the Assessment and Recognition of Foreign
Qualifications.
This framework intends to recognize trained individuals in
specific industries with credential recognition services. This will allow them
to keep in touch with their qualifications and what other requirements they
need, and find out which other occupations match their expertise.
In order to be eligible for this program, the organization
needs to be:
- National in scope;
- Address sectors representing skill shortages in Canada;
- Have been identified by provincial governments.
5. The Critical Minerals Research, Development, and Demonstration Program
The Critical Minerals Research and Development and
Demonstration Program assists mineral processing operations to advance
commercially. Moreover, they want to implement technology that supports the
zero-emission vehicle value chains in Canada through raw material inputs.
The requirements for this program include:
- The technology utilized is at readiness levels 6-7-8;
- The technology produces critical minerals such as lithium,
graphite, cobalt, nickel, and manganese;
- Your technology aims to support the development of
zero-emission vehicle value chains in Canada.
Entities eligible for this grant include:
- Indigenous organizations;
- Canadian post-secondary institutions;
- Mining companies;
- Research associations.
6. SR&ED
The Scientific Research and Experimental Development Tax
Incentive Program aims to assist and encourage Canadian businesses to be
involved in research that enhances different sectors in Canada. One of the most
relied-upon and heavily-supported fund programs by the Canadian government,
grantees receive tax incentives and the power to refund costs for
experimentation performed for analysis. The SR&ED program has helped over 16,000 grantees,
the majority of which are small businesses.
SR&ED only offers grants to companies that operate in
Canada, and the funds given to these entities can only be spent within the
country. Through this, the program can enhance its innovation strategy to
ensure Canada remains relevant in global and domestic markets.
7. CanExport
CanExport is a funding program that hopes to bolster
Canada's trade diversification. By doing so, they offer financial assistance to
companies that may benefit from expanding to an international market and
establishing themselves through digital transformation.
CanExport only tends to the export of pre-existing products
and does not offer assistance with new products on the market. However, they
are available to all industry sectors.
In order to be eligible for this program, your business or
company must have or be:
- Be for-profit;
- Associated with a legal entity;
- Have a Canada Revenue Agency Business Number;
- Have less than 500 full-time employees;
- Have had $100,000 in annual revenue in the last tax
reporting year.
8. The Proof of Concept Program from NPC
The proof-of-concept program is a program that aims to
commercialize and innovate more natural products and technologies. By shifting
to a more organic, natural approach to resource management, businesses may
produce healthier products that minimize the risk of damage to human health,
environmental health, and waste management.
In order to be eligible for this grant, your business must:
- Have Canadian Incorporated SME;
- Be an academic research institute;
- Have a novel pre-commercial natural product or technology;
- Have potential to achieve $10M to $15M in annual revenue;
- Have products being developed address an industry
challenge;
- Have potential to have economic, social, and health
benefits;
- Have technological advancement in natural products;
- Have feasible commercialization;
- Have potential spillover benefits more than one industry;
- Have the potential to represent minorities or indigenous
tribes;
9. Alberta Media Funds Grants
Alberta Media Funds Grants assist the post-production sector
of Alberta by providing expenses to cover labor and technology. Grantees may
receive up to $200,000 a year.
In order to be eligible for this program, your organization
must:
- Operate in Alberta under the Business Corporations Act;
- Operate as a sole proprietorship with a registered trade
name;
- Demonstrate that the organization provides services to
third-party organizations.
Eligible professions in the media industry include:
- Video and audio editing
- Subtitling
- Visual and sound effects
- Digital animation
- Projects for public distribution
- Projects submitted to the AMF
- Projects with an invoice value of $500
10. Rail Climate Change Adaptation Program
Climate change has proven to be a huge concern for most
industries, and the rail network is no exception. Supply chains and transport
have taken a huge risk due to how climate change has affected the railway
networks, and the Rail Climate Change Adaptation Program aims to counteract
this situation by implementing innovative technologies.
In order to be eligible for this program, the project
involved must acknowledge and identify the effects and risks of climate change in
the hopes of identifying a method to reduce the impact on the rail sector.
Furthermore, there are additional requirements such as:
- An application letter coming from partner organizations to
confirm their financial support.
- Provincially or federally regulated railroad companies
incorporated in Canada.
Top 4 Funding Consultancy Companies You Can Ask For Help If You Are Applying For Funding Programs in Canada
1. EVAMAX
The EVAMAX Group cares about your grant; they understand all
the risks and circumstances surrounding this opportunity. With Evamax's main
mission being to ensure that these businesses or initiatives reach their goals,
they are undoubtedly one of the most reliable sources of consultation that you
can opt for.
Evamax identifies all the available grants for your
business, and they can do all the documentation for you or, at the very least,
supervise you until you get your approval.
Specializing in IRAP and SRED, they are on Canada's front
page when it comes to economic growth, and they are flexible enough to work in
fields such as business expansion, aerospace, waste management, manufacturing,
and agriculture, just to name a few.
2. Booth Management Consulting
Booth Manage Consulting, or BMC, is an SBA-certified firm
that offers value in the form of grant management, acquisition, accounting,
operation support service, and compliance auditing to a nationwide market.
The BMC wants to assist those who have trouble managing
resources and achieving grant program goals. With BMC's handling of a
risk-averse budgetary climate, they can provide the right management strategy
specific to your situation so that you may minimize risk and achieve optimal
productivity.
Think of BMC as a strict yet effective morning call, making
sure that you are firm with your budget, diligent with the schedules, and
focused on the grant objectives. However, the best part about BMC is its
versatile range of advisory services, ranging from enterprise strategy,
business reengineering, life-cycle support, and technical assistance”there is
simply too much to learn with this group.
3. RSM Canada
RSM Canada offers value in the form of navigation. It is
very easy to get lost in the completion process of a grant, so much so that you
can either lose the grant entirely or discard it after you have gone through
the documentation.
The grant experts at RSM will guide you carefully through
every step of the way, including assessing expenditures, investments, and the
allocation of funds given. With RSM, you'll be able to scope your opportunities
and set your priorities where needed.
Moreover, with RSM's dedication to reaching a diverse
clientele as well as expanding to a global audience with a middle market focus,
this consulting group will definitely ensure that you make the most out of your
funds.
4. Grant Plus
Grant Plus is one of Canada's best and most reliable
strategic grant-seeking firms. They have procured numerous accolades, such as
the Smart Business Progressive Organization Award, the Weatherhead 100 award,
and the Psychologically Healthy Workplace Award from the American Psychological
Association.
Grant Plus goes about its business in a value-driven way,
hoping to abolish racist behavior in its grant-seeking policies and methods.
This makes it so that every single individual feels that they can be the focus
of a cause and that they may be comfortable seeking different grants.
However, philanthropy is not the only quality of Grant Plus.
Decades of experience reside within the facilities of Grant Plus, all of which
are willing and able to provide wisdom and guidance when it comes to granting,
seeking, and handling grant opportunities.
Conclusion
A government grant may be the first step you take to
kickstart your business prospects, or it may be the last push to reach the end
of a business project, and it is a powerful tool when utilized correctly. Do
check them out. These government grants would definitely be a pivotal way to
grow your business.
Shelly Solis is a blogger and a content specialist. She is a
content writer and search engine optimization specialist. She co-founded
SaaSLaunchr, a website dedicated to helping startups and businesses. She loves
to connect with kindred spirits on LinkedIn.
