Tax credits, small business grants, and small business loans are all ways that Ontario businesses have received support from the province. This year the government announced it will allocate $35 billion over three years on infrastructure projects, $100 million on projects in rural communities, invest $295 million in youth job creation, and extend a tax break for small business.
SME’s Turning to Small Business Grants & Loans as Long-Term Strategy
Manufacturers were satisfied with the province’s decision to extend a program that allows business to more quickly write off the cost of its machinery, which could include the popular CME SMART Prosperity Now capital grants program. The extension of this economic development focus is worth $265 million over three years, according to budget documents. At the same time however, the Canadian government plans spending the next 6 months reviewing $1 billion in refundable tax credits as the growth rate of these funds have been deemed unsustainable by the province.
Small Business Grants and Small Business Loans Ontario
With refundable tax credits looking less likely to be a part of the long-term growth strategy of small and medium-sized Ontario businesses (SMEs), they begin to look to other avenues for receipt of Ontario government funding for business support. For example, the Ontario province dropped three skilled trades from the list of eligible categories for apprenticeship training tax credits, Ontario manufacturers have the opportunity to pick up funding from one of three excellent alternatives: iSTEM, Mitacs Enterprise, and ICTC Career Focus. Each of these grants for hiring recent grads or wage subsidies offer employers between $10,000 to $15,000 in Ontario small business grants for hiring highly-skilled employees for terms ranging from 4 months to 1 year.
Other Small Business Government Grants and Loans Opportunities for SME’s
Our blog, “Top 5 Funding for Hiring Programs in 2013”, details how to subsidize your hiring initiatives through the available hiring grants for companies. Manufacturers can also visit our “Top Funding Programs for Manufacturers” blog for some of the best programs both federal and provincial government bodies have to offer small and medium-sized businesses in Ontario.
Find Small Business Grants and Business Loans
Locate the appropriate funding programs for your business by browsing some of the most popular programs utilized by our clients.
Looking for Ontario Business Grants and Loans Support?
If your firm has been incorporated for at least 2 years, has a minimum of 15 employees and performs some form of manufacturing or research in Canada, please contact a Canadian government funding expert for more information. Meeting the above criteria also entitles you to free attendance of one of our Canadian government funding workshops. And everyone is invited to follow us on Google+, Facebook, Twitter and LinkedIn!