Business Funding Grants for Small Business Hiring and Training

A number of entrepreneurs or small business owners are attracted to the region’s close proximity to a large talent pool of skilled graduates from Ontario’s post-secondary institutions. The Ontario Government also provides several opportunities to subsidize the costs of hiring these graduates through small business funding grants for post-secondary collaboration.

• MITACS Enterprise Hiring Grants: Small businesses can receive financial support towards the hiring of one or multiple graduates from one of the fields of STEM (science, technology, engineering, and math). The program provides up to $15K per graduate or 50% of the intern(s)’s salary for a 6-month internship in a position that is related to their field of study.
• Youth Employment Program: This program provides a $30K wage subsidy towards the hiring of one or two graduates for full-time 12-month positions. The graduate(s) can be applied to a wide range of positions including customer and sales support and business development.

Canadian Government Funding for Research and Development

Once a small business has secured a team of skilled individuals, their next step would be to develop or commercialize their product or service.  The Ontario Government provides several business funding grants for the development and commercialization of innovative products or technologies. Some of these would include:

• MaRS Investment Accelerator Fund (IAF): Entrepreneurs can receive up to $500K in a fully-repayable business grant for the early stage development and commercialization of an innovative product or technology. Businesses would be expected to repay the full amount within three years at an interest rate one above prime with a 5% equity position.
• IRAP Accelerated Review Process (ARP): The ARP program provides up to $50K in non-repayable business funding grants; covering 100% of the direct labour and 75% of the sub-contractors or a technical research and development project. Funding could apply to product design, marketing, productivity, improvements, and software implementation.

Next Steps for Government Small Business Grants

Start-ups and young businesses can access additional information on the Ontario Government Funding Programs mentioned in this article by signing up for our Free 60 Minute Canadian Government Funding Workshop or contacting one of our Small Business Funding Consultants. Businesses can also receive the latest news regarding government funding Canada by subscribing to our Weekly E-Newsletter or following us on Twitter or LinkedIn.

Speaker: Bernadeen McLeod, Canadian Government Funding Expert

The 2012 National AURP Canada Conference will host discussion panels and highly engaging keynote speakers, including Mentor Works’ Canadian Government Funding Expert, Bernadeen McLeod on Wednesday, May 30th, at 11:00am at the DISCOVER Funding Fundamentals Session. Bernadeen will educate attendees on various Canadian Government funding for small business such as:

• Applied Research and Commercialization (ARC) Program: This program addresses the gap between research and commercialization and encourages collaboration between post-secondary institutions and small- and medium-sized enterprises
• CME Smart Prosperity Now: A popular grant for manufacturers, which focuses on projects that improve operational efficiency, reduce waste and/or improve global expansion efforts.
• Yves Landry Foundation: This training grant helps cover training costs related to the adoption of new technology, procedures and processes that will improve productivity and export expansion.
• IRAP Accelerated Review Process (ARP): Canadian Government funding aimed towards technical or research oriented projects to help solve of business challenges.

Where: McMaster Innovation Park – 175 Longwood Road South, Hamilton, ON

When: May 29^th-31^st, 2012

This is an extraordinary learning opportunity, as you also have the chance to network and meet with colleagues and industry professionals. Space is limited, so be sure to sign up on the National AURP Canada Conference 2012 Registration Page and receive updates by following us on Twitter.

Eligibility for YEP Small Business Funding Grants

The Youth Employment Program is available to Canadian companies that have less than 500 employees and are incorporated. The federal government will pay up to 50% of a new employee’s wages to a maximum of $15,000. The maximum contribution is $30,000 towards the salary costs of a post-secondary graduate. The internship position must be from 6-12 months in length, located anywhere in Canada and be in a technical or marketing-related field. Please note that the eligible role must be a unique position within the company.

Applying for Small Business Funding Grants

If you have any questions about Canadian Government funding that is available for your business, please contact Mentor Works, The Canadian Government Funding Expert. Our followers can receive updates by connecting with us through LinkedIn or following us on Twitter.

Low-Interest Financing Options for Canadian Small Business

Young small businesses and start-ups are viewed as risky investments from the perspectives of most banks and investors. However, these initial funds are also crucial to their success, as they will most likely be put towards preliminary hires and patents. The Ontario Government has provided several opportunities for businesses to acquire these initial funds through government funding Canada:

• FedDev Investing in Business Innovation (IBI): This program provides a fully repayable low-interest loan up to $1M with 33% contribution from the Canadian Government based on a term sheet from an accredited investor. The terms of the loan are undefined and can be negotiated with a FedDev representative.
• Community Futures Development Corporations (CFDC): Small Businesses and start-ups located in rural Ontario can access up to $150K in low-interest financing for start-up and expansion projects. In order to be considered eligible your business must be located in a part of rural Ontario.
• MaRS Regional Innovation Centres (RIC): Local RICs are dedicated to supporting Ontario’s start-up companies to expand and develop into viable competitors within their industry. The Regional Innovation Centres work closely with small businesses to locate and acquire small business government grants for start-ups.

Locating Government Funding for Small Business

Small businesses or entrepreneurs that are interested in learning more about the available Canadian Government Grants for Small Business can sign up for our Free 60 Minute Canadian Government Funding Workshop. Those who subscribe to us on Twitter and Google+ can also receive frequent up-dates on the latest information regards grants for small business in Ontario.

When: May 29 – 31, 2012

Where: Le Centre Sheraton Montréal – Montréal, Québec

For addition information pertaining to registration and accommodation, please contact an AUTO21 Event Representative.

Canadian Business Grants for Sustainable Technologies

Businesses that are interested in developing new and innovative technologies for the Canadian automotive sector may want to consider some of the Ontario Business Grants for Advanced Research and Development that are currently available:

• NextGen Biofuels Fund: Businesses can receive a non-repayable funding contribution towards 40%  of their project costs related to the research and development of innovative next generation biofuels or technologies.
• SDTC Tech Fund: Through this program, Sustainable Development Technology Canada (SDTC) will provide non-repayable small business funding grants in support of a major project milestone involving the development or applications of clean technologies.

Businesses that would like to receive additional advice or support regarding any of the Canadian Government Grants for Research and Development can contact one of our Small Business Funding Consultants or sign up for one of our Free 60 Minute Canadian Government Funding Workshops. We also provide the frequent up-dates through Twitter and Google+ regarding the releases and changes in government funding for small business.

Agricultural Canadian Government Funding

AgriInvest will assist producers by protecting their margins from small declines through flexible coverage. This Canadian Government funding mechanism will provide producers with the freedom to use the funds for risk mitigation or various other expenses incurred that affect their bottom line.

Individuals, partners in partnerships, and limited partnerships (except in Quebec), co-operatives, corporations, estates, trusts, and landlords in joint ventures are eligible to participate. In addition, producers must have reported farming income (or loss) for tax purposes.

Most agricultural products are allowable under the AgriInvest program, except for:

• Products under supply-management;
• Forestry products;
• Aquacultural products;
• Racehorses;
• Peat moss;
• Wild animals in their natural environment.

When Can I Apply for this Small Business Funding Grant?

Each year, producers can deposit up to 1.5 percent of their Allowable Net Sales into an AgriInvest account. Funds can be withdrawn at any time and producers have 90 days from when the Deposit Notice is issued to make a deposit into their AgriInvest account. The eligible participants are limited to ANS of $1,500,000 per year in which the government would match $22,500. The program is cost-shared by the federal and provincial governments on a 60:40 basis.

September 30, 2012: Deadline to submit the 2011 AgriInvest application without penalty

December 31, 2012: Deadline to submit the 2011 AgriInvest application with penalty

Learn More About Government Funding for Business

To receive additional support and guidance on the various government funding programs available, please contact one of our Canadian Government Funding Experts and be sure to follow us on Twitter or sign-up for our Weekly E-Newsletter.

Ontario Business Grants for Exporters

The Canadian Government also provides government grants for small business expansion efforts that look to increase Canadian export sales in foreign markets. These types of business funding grants are intended to strengthen the Canadian economy and foster strong and long-lasting relationships with foreign distributors. Based on current availability and program orientation, the top three export-related grants are currently:

1. Export Market Access Grant: Businesses can receive up to $30K in non-repayable small business funding grants or a 50% reimbursement of their eligible expenses. Funding can be applied to a wide variety of business activities related to the development of new relationships with international distributors. This could include tradeshow expenses, travel & accomodation, marketing materials, market research, and many others.
2. Ontario Exporters Fund: This program provides non-repayable business funding grants up to $50,000 or 50% of the incremental salary expenses for a recruitment and hiring of an Export Market Manager or a market readiness assessment. These will help to ease a businesses’ transition into a foreign market and improve sales and public relations.
3.  CME Smart Prosperity Now: Canadian manufacturers can receive up to $75K or 33.3% of the eligible business expenses to expand their sales into international markets. These funds could be applied to capital equipment purchases  as well as marketing and promotial activities that would help to increase the businesses’ competitive advantage in the foreign market.

Applications for Small Business Government Grants

Those who are involved with the Canadian manufacturing industry and would like to learn more about the opportunities for Small Business Funding Grants can contact one of our Canadian Government Funding Experts or sign up for one of our Free 60 Minute Funding for Small Business Workshops. Businesses can also stay current with the latest Canadian Government funding opportunities by subscribing to our Weekly E-Newsletter or following us on Twitter.