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 province’s most attractive attributes. These features are intended to attract and support the growth small businesses while increasing job creation and prosperity within the province.
Canadian Small Business Startup Grants and Loans
Find out what you need to do in order to qualify for small business grants for new business. Start by downloading a Free Funding for Small Businesses and Start-ups Checklist and we will send you additional information on how to infuse tens of thousands of dollars into your strategic growth plan.
Business Startup Grants for Small Business Hiring and Training
Small business owners are attracted to Ontario’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 lucrative wage subsidy programs as well as small business funding grants for post-secondary collaboration.
Ontario Small Business Grants for Hiring: Eligibility Requirements
While additional eligibility criteria exists for each specific program, the following are general requirements for most small business hiring grants programs:
- Employees must be a Canadian citizen, permanent resident, or have been granted refugee status,
- Employees must be 15-29 years of age,
- Must provide eligible work experience
- For the majority of programs employees must be a recent graduate of a post-secondary institution (within past 5 years).
The employment period must be a between a minimum of 3 months, and a maximum of 12 months. Learn more about hiring through Ontario small business grants programs, or select “Find Hiring Grants” in order to submit your hiring plans for review by a Canadian government funding expert that can inform you of your eligibility and next steps.
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.