Funding for Small Business: An Essential List

Jul 12, 2022 | IG Blog Posts

Funding for small business blog

Aprihttps://www.feddevontario.gc.ca/eic/site/723.nsf/eng/02466.html?OpenDocument

Need funding for your small business? Having trouble navigating what’s available? Don’t worry, we’ve got you! Innovation Guelph has compiled a list of current funding available and we’re committed to maintaining this so you can trust it’s accuracy!

 

Southwestern Ontario Development Fund

https://www.ontario.ca/page/southwestern-ontario-development-fund

The Southwestern Ontario Development Fund provides support for projects and investments to businesses, municipalities, and not-for-profit organizations for economic development in southwestern Ontario. Application  period 10 opened July 12.

CanExport Innovation

https://www.tradecommissioner.gc.ca/funding-financement/canexport/innovation/index.aspx?lang=eng

Innovators from Canadian organizations may access up to $75,000 in funding to assist with research and development (R&D) for a single technology. The program covers up to 75% of costs to pursue and sign collaborative R&D agreements with international partners and investors.

Advanced manufacturing and Innovation Competitiveness (AMIC) Program

https://news.ontario.ca/en/release/1001429/ontario-launches-program-to-support-advanced-manufacturers-across-province

The Advanced Manufacturing and Innovation Competitiveness (AMIC) program was launched to help local Ontario companies get the tools, technology and talent they need to grow, compete and innovate in an increasingly competitive market. The program is available for companies with minimum 10 employees, three or more years of financial statements, and a minimum of $500,000 in eligible project costs. Program closed February 10, 2022.

CanExport Community Investments

https://www.tradecommissioner.gc.ca/funding-financement/canexport/community-communaute/index.aspx?lang=eng

This program will be accepting new applications for the 2023 call for proposal in September – October 2022.

Canada Emergency Wage Subsidy (CEWS)

https://www.canada.ca/en/revenue-agency/services/subsidy/emergency-wage-subsidy.html

CEWS covers part of your employee wages. It aims to enable business owners to re-hire workers, help prevent further job losses, and ease your business back into normal operations.  You must confirm your eligibility each claim period of four weeks.

OBIO Business Development Skills Program (BDSP)

https://www.obio.ca/

BDSP grants funding for the training and development of employees and senior management who work for health science companies commercializing their intellectual property in Ontario. Applications are no longer being accepted for 2022.

Black Entrepreneur Startup Program

https://www.futurpreneur.ca/en/besp/

For Black entrepreneurs age 18-39 provides startup loan financing and up to two years of mentorship, plus access to resources and networking opportunities with fellow entrepreneurs across Canada.

CFIN Innovation Booster Funding Program

https://www.cfin-rcia.ca/programs/booster

Project proposals must be led by a researcher or a small- or medium-sized food manufacturer who wants to advance and commercialize their innovation. Applicants must be members of the Canadian Food Innovation Network. The competitive, merit-based process will review projects ranging from $20K to $200K. Project applicants are required to contribute 50 per cent of total eligible project costs and to provide a project management fee of 5 per cent of total eligible project costs.

Canada Emergency Business Account

https://ceba-cuec.ca/

This program is no longer accepting new applications. For more information regarding the status of your application, visit the Canada Emergency Business Account website.

Canadian Digital Adoption Program

https://www.ic.gc.ca/eic/site/152.nsf/eng/home

The Government of Canada announced the Canada Digital Adoption Program (CDAP) to support Canadian small and medium-sized enterprises (SMEs). CDAP will help SMEs boost their e-commerce presence and digitize how they run their businesses behind the scenes. The program provides funding and expertise to businesses, as well as training and work opportunities for young Canadians.

Canada Emergency Rent Subsidy

https://www.canada.ca/en/revenue-agency/services/subsidy/emergency-rent-subsidy.html

Canadian businesses, non-profit organizations, or charities who have seen a drop in revenue during the COVID-19 pandemic may be eligible for a subsidy to cover part of their commercial rent or property expenses. The next period opens April 1. You must confirm your eligibility each claim period of four weeks.

Highly Affected Sectors Credit Availability Program (HASCAP)

https://www.bdc.ca/en/special-support/hascap?ref=shorturl-hascap

Businesses heavily impacted by Covid-19 such as tourism and hospitality may be eligible for HASCAP. The program offers loans from $25,000 to $1 million to help with operation costs. The HASCAP Guarantee was  extended to March 31, 2022 but has now ended.

Afro Caribbean Business Network MicroLoan Fund

https://acbncanada.com/the-microloan-and-black-business-hub-launch/

This fund was created to provide $500 to $15,000 loans to Black entrepreneurs having trouble getting funding at traditional banks.

Business Scale-up and Productivity 

https://www.feddevontario.gc.ca/eic/site/723.nsf/eng/02466.html?OpenDocument

FedDev Ontario has been provided with $1 billion in new funding to go towards Innovative and globally-oriented businesses seeking to accelerate their growth. They are looking for high-potential firms that are commercializing innovative products, technologies and processes. Firms who are looking to grow, commercialize, and improve productivity should apply. Applications can be submitted for no-interest, repayable contributions from $500,000 to $10 million per project.

Regional Development Agencies (RDAs)

https://www.feddevontario.gc.ca/eic/site/723.nsf/eng/h_00122.html?OpenDocument

Budget 2021 recognized RDAs as key partners to support economic recovery, diversification and innovation. Subject to parliamentary approval, Budget 2021 proposed a series of Canada-wide measures to be delivered by RDAs to provide targeted investments to support inclusive growth and the recovery of hard-hit sectors, including FedDev Ontario’s Regional Relief and Recovery Fund (RRRF)

Jobs and Growth Fund (JGF)

The Jobs and Growth fund is a $700 million federal program that invests in strengthening Canadian economies for long-term growth and jobs creation following setbacks from the COVID-19 pandemic. The JFG includes up to $70 million dedicated exclusively to small businesses established after January 2020. Applications closed April 14. Access post-pandemic funding – Canadian Metalworking

Ontario Tourism and Travel Small Business Support Grant

https://www.app.grants.gov.on.ca/otsb/#/   

This program is no longer accepting new applications. For more information regarding the status of your application, visit the Ontario Tourism and Travel Small Business Support Grant website.

This program supports tourism businesses and organizations to adapt their operations to meet public health requirements while investing in products and services to facilitate their future growth. The funding aims to support destination development, seasonal and geographic dispersion, and human resources and skills development. For more information and to check your eligibility, visit the Tourism and Relief Fund website.

EDC Inclusive Trade Investments Program

https://www.edc.ca/en/solutions/financing/inclusive-trade-investments-program.html

Export Development Canada (EDC) has committed $200 million to invest in companies founded or led by diverse Canadians. For Canadian exporting businesses owned and led by people identifying as women, Indigenous, Black and other dimensions of diversity, one of the main barriers to growth is lack of equitable access to capital. This program helps address that challenge and create more opportunities for growth.

The Greenhouse Technology Network

https://onfloriculture.com/2021/11/26/funding-opportunity-the-greenhouse-technology-network/

Powered by funding from the Government of Canada through the Federal Economic Development Agency for Southern Ontario, GTN members help businesses de-risk innovation activities and help new and improved technologies get to greenhouse growers faster where they will help businesses thrive and grow.

To be eligible for GTN funding, greenhouses and related technology businesses must face a greenhouse or related technology challenge.  Growers, greenhouse industry suppliers, and related technology providers are eligible to apply for funding to address their challenge.

Business Benefits Finder

http://innovation.canada.ca/

The Business Benefits Finder is a tool that helps businesses find the right programs and services to support them as they are starting up or scaling up. The Business benefits Finder will ask you a series of questions in order to best suit your needs.