The Canadian Government has deemed the Economic Action Plan a successful initiative. After the first year, they have devoted $32 billion in stimulus spending and are now allocating an additional $28 billion towards stimulus spending. What does this mean for small businesses in Canada? It means you will have access to a considerable amount of government funding that promotes growth and development.
Types of Government Funding Top-Ups
The additional funding received is divided into a number of areas. Key channels of funding that small businesses should pay attention to are:
- $80M in IRAP funding projects in the next 3 years to help businesses grow and adapt through partnerships with colleges and universities
- $100M in funding towards clean energy and energy efficiency technology development and commercialization
- $100M per year reserved to the Canada Media Fund, which assists with the creation of digital media across multiple platforms
- $50M allocated towards the Agricultural Innovation Initiative to support agricultural innovations
- Hiring Credit for Small Businesses of $1,000 per company to help combat the increase in Employment Insurance (EI) premiums
Apply for Government Funding
If you are interested in applying for any of these government funding programs, including IRAP, Canada Media Fund, the Hiring Credit, or clean energy grants, please contact Mentor Works today. We also specialize in a variety of other programs and encourage our readers to attend one of our Free 60 Minute Government Funding Workshops to learn more. The workshop will cover the most popular grants and include a valuable Q&A session.