The 2014 budget released by the Federal government promises to follow through upon the $15,000 Canada Job Grant while also setting aside $40 million to support up to 3,000 internships in high demand fields.
Watch this Video to Learn about some of the Top 15 Funding Programs Offered to SMEs Nationwide
The following video outlines what promise to be some of the most popular funding for small business programs being offered.
Small Business Grants for Hiring Full-Time Internships Aims to Help Young People Find Meaningful Work
Federal Finance Minister, Jim Flaherty, drew attention to the fact that while Canada has a high level of post-secondary graduates many young people have trouble gaining workplace experience necessary in order to land jobs within the fields they spent years preparing for. The Canadian federal government will help by pledging $40 million in order to support the hiring of up to 3,000 full time internships. Of this $40 million, $30 million will be dedicated to helping small to mid-sized businesses through the National Research Council’s (NRC) Industrial Research Assistance Program (IRAP), while the remaining $10 million will be delivered by Employment and Social Development Canada under the Youth Employment Strategy.
Canadian Federal Government will go ahead with Canada Job Grant Training Initiative
The federal government will move forward with much talked about Canada Job Grant, with or without the support of the provinces. The Canada Job Grant will provide $15,000 for training per eligible worker, with the bill having originally been intended to be split equally among the Fed, the provinces, and employers. Amid opposition to the program, Employment Minister, Jason Kenney, recently offered to cover the provinces’ portion of the grant, increasing the Federal government’s share to $10,000.
Economic Action Plan 2014 to Include Reform to the Temporary Foreign Worker Program
With the lowest employment participation rate in decades, the Federal government wants to assure Canadians they will get the first chance at acquiring new jobs. To this end the Economic Action Plan 2014 proposes to invest $11.0 million over two years to strengthen the Labour Market Opinion process. Some of the actions the federal government has taken thus far includes requiring employers to pay temporary foreign workers the prevailing wage, restricting the use of non-official languages as job requirements.
Federal Government Invests in Ongoing Launch of the Expression of Interest System in 2015
The Federal government also proposes the spend $14 million over two years to launch this new recruitment model by January 2015. The Expression of Interest system would allow the Federal Government of Canada, provinces and territories, and employers to actively target highly skilled immigrants under key economic immigration programs, including the Federal Skilled Worker Program, the Federal Skilled Trades Program and the Canadian Experience Class.
Additional Support to Help Workers with Intellectual Disabilities to Find Work
The Ready, Willing and Able program will help Canadians with intellectual disabilities find employment. Funding dispersed by the Canadian Association for Community Living will receive a $15 million boost according to the 2014 Federal budget. The association’s executive vice-president hoping that their efforts can help to break the cycle of working-age people with developmental disabilities going on welfare upon graduating high school.
Stay Informed of Upcoming Funding Releases and Updates through Mentor Works
With the announcement of the Federal budget for 2014 in the books, many small business grants and loans program releases and updates will be expected in the coming weeks. In order to avoid missing out on funding opportunities for your business, sign up for Mentor Works’ Canadian government funding e-newsletter. If your business has more than 15 employees, has been incorporated for at least 3 years, and manufacture or perform R&D in Canada you are also invited to attend one of our several free Canadian government funding workshops and webinars.