Did you know the Canadian government offers grants for small businesses?
Business owners could receive additional funding for capital investments or for research and development. These Canada grants can also help business with export marketing and hiring and training for their employees.
Keep reading to find out about how you can take advantage of these Canada grants.
- Search for Industry Specific Canada Grants!
- The grants made available on behalf of the Canadian federal and provincial governments are countless
- The best way to ensure that your application is approved, and you receive the funding you require is to apply for the most applicable fund for your business
- Grants are categorized into industry specific categories and purpose specific categories
- Understand which ones are most applicable to your business industry and which ones help you meet your aimed purpose with the funding
- For example, if you are looking to conduct research and innovation in Atlantic Canada in the ocean industry, the Oceans Supercluster funding might be most appropriate for you
- If you are looking to generally conduct research and development, the SR&ED Tax Credit program might be best suited to your needs
- Recognize your position on the Grant Priority Scale when applying for Canada grants for small businesses
- Depending on the purpose of projects and industries, efforts are ranked on a priority scale even for Canada grants
- This can translate into more funding options for efforts higher up on the grant priority scale as well as a faster processing time from the time of application compared to those lower on the scale
- For example, given current COVID-19 circumstances, research and development and innovation projects that help Canada federally and certain hot spot provinces locally are given priority on this grant priority scale
- This means that funds that align closer to the governments current needs and requirements are better and faster addressed via grants
- The more accurate you are in understanding the position of your project, the better you can plan for your grant application and funding
- Be prepared for your Canada grant application
Most grant require project proposals and applications that include specific details regarding your project plans If the grant is being applied for after the completion of the project, be sure to:
- Maintain a good record of your labour costs
- This could mean keeping a detailed timesheet for all employee hours spent on the related projects and/or
- Utilizing a time log system to make this tracking process easier
- Track and record your material and contractor expenses as they occur
- The best way to ensure that you have the exact costs of your expenses would be to log your invoices
- This also serves as proof if you are required to prove your claimed expenses at a later stage
If the grant if being applied for prior to the completion of the project, be sure to:
- Break down the project into smaller tasks and mini projects
- This will not only help you make the overall effort more manageable and achievable, but it can also help you estimate how many hours your employees might have to work
- Look at prior material and contractor expenses and try to estimate how much would require for this upcoming effort
- Get help with your applications
- Although you may be able to complete applications and secure the funding you require, it may be easier if you ask an expert
- Similar to how if your car breaks down, you may know understand the issue and know how to fix it,but your car would run a lot smoother if you let the mechanic, an expert, handle it
- Experts can help you prepare, gather all required documentation and file it with the appropriate authorities in a timely manner
- Should your claim or application run into any problems at a later stage, they also have the means to address any issues on your behalf and spare you the extra headache
- They can also help you narrow down and select the grants best suited for your business
- EVAMAX is a grant export with over 15 years of experience in the industry
- Contact EVAMAX today to get started on your grant applications
Here are our top 5 Canada grants for small businesses!
Research and Development Grants:
Innovative Solutions Canada: This grant provides funding to stimulate technology research, development, and commercialization. SMEs can receive up to $150,000 for a proof of concept and up to $1 million for prototype development
Ontario Business Scale-up and Productivity (BSP) Program: This program aims to offset upfront project costs and help Southern Ontario business grow more quickly. Businesses can receive up to 35% and up to $10 million in funding
SR&ED Tax Credits: This program provides funding for scientific research and experimental development projects. Businesses can expect to receive up to 67% of project expenses incurred (wages, materials, and contractor) back in tax credit and refunds.
Capital Investment Canada Grants in Ontario:
Eastern Ontario Development Fund: This program provides financial assistance to Canadian SMEs looking to expand their operations and create jobs for communities in Eastern Ontario. Businesses can expect to receive 15% of eligible project expenses up to a maximum of $5 million.
Strategic Innovation Fund: This program provides support for technology development and productivity-boosting projects. Businesses can expect this program to offset up to 50% of their project expenses.
For any questions or concerns, please contact EVAMAX.