Southern Ontario has established itself as one of Canada’s most attractive regions to invest or start a new business. The area’s access to skilled talent and the availability to receive financial support through Ontario Government Grants for Small Business are some of the region’s most attractive attributes. These features are intended to attract and support the growth small businesses while increasing job creation and prosperity within the region.
Canadian Small Business Startup Grants and Loans
Watch the video below to learn more about business startup grants and loans resources available through Mentor Works Ltd.
Business Startup 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 $15K 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.
IMPORTANT: Also, please view our latest updates on small business grants for hiring such as Youth Employment Fund and a number of industry specific Career Focus programs.
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 80% of the direct labour and 50% 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 Small Business Grants in Ontario 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.
Learn More about Small Business Grants & loans Experts from Mentor Works
Small business grants and loans to help develop and grow your business are simple and accessible when you have a strategic partner that specializes in small business grants and loans funding. Learn more about us and our services by watching this video: