Eligible businesses located in Atlantic Canada can access government funding programs to support a wide range of strategic growth projects, including business expansion, capital investment, hiring and training, and research and development.
Canadian grant and loan programs are available for businesses in the Atlantic provinces, including New Brunswick, Prince Edward Island, Nova Scotia, and Newfoundland and Labrador.
By being proactive and applying for funding prior to the start of a project, businesses can access government grants and loans that provide a boost to company investments and greatly improve desired outcomes. Businesses in the Atlantic region may also benefit from retroactive programs designed to provide tax incentives for projects completed.
Browse this blog and/or visit our Atlantic to learn more about which government funding programs are currently available for Atlantic Canada businesses.
Targeted Canadian Grant Programs for Atlantic Businesses
Provincial funding programs provide a more tailored and specific focus for their own unique province’s challenges. These programs work to benefit Atlantic provinces via organizations such as the Atlantic Canada Opportunities Agency (ACOA).
The New Brunswick Innovation Foundation’s Equipment and Infrastructure Fund (EIF) helps with the purchasing of equipment needed to further a research initiative at a technology readiness level (TRL) of one-six. Applicants for this program must demonstrate how the equipment will help with a research initiative that will benefit New Brunswick in a tangible way through commercialization of new intellectual property.
The EIF may provide up to 33% of equipment costs, with requests no larger than $150,000. EIF may be used to leverage federal programs for research equipment, or it may leverage other source of funds. Any request above $150,000 may be approved through the Strategic Opportunities Fund, if it meets eligibility criteria.
For more information on funding and eligibility criteria through this initiative, please review theNew Brunswick Innovation Foundation’s Equipment and Infrastructure Fund (EIF) program page for more information.
The Canada-Newfoundland Job Grant (CNJG) is a provincial government funding program that offers training grants to Newfoundland employers. Through the CNJG, businesses may receive grants to provide third-party business training programs that directly improve business performance and employability of new and existing hires.
CNJG grants offset up to 66% to a maximum $10,000 per trainee for training programs focused on advancing skills in areas such as communication, leadership, project management, technology, software, marketing, sales, safety, planning, and much more.
For all eligibility details, including how to apply, visit the CNJG program page.
Federal Grants and Loans for Atlantic Canada Businesses
Although many of last year’s provincial funding programs are currently closed, there are still many federal funding programs that are provided through the Atlantic Canada Opportunities Agency (ACOA).
The Scientific Research and Experimental Development (SR&ED) program incentivizes business-led research and development projects. SR&ED provides over $3 billion in tax incentives to more than 20,000 claimants every year.
Tax credits for up to 69% of labour and overhead costs, 36% of contractor costs, and 45% of material costs. All expenses must include labour, contractors, materials, and overhead costs related to the activity required to resolve a technological uncertainty, obstacle, or challenge.
For all eligibility details, including how to apply, visit theScientific Research and Experimental Development (SR&ED) program page.
The CanExport Program provides government grants to support Canadian export projects, including international expansion initiatives such as developing marketing materials for international audiences and completing foreign market research. By accessing additional funding for these types of activities, businesses can de-risk export market expansion plans.
Eligible applicants can access up to 75% funding to a maximum $75,000 grant per project by utilizing the CanExport government funding program.
For all eligibility details, including how to apply, visit the CanExport program page.
The Canada Summer Jobs (CSJ) program is a government grant that provides support for employers offering supervised career-related work experience to youth employees. The experiences gained through student placements should further develop an applicant’s skills and knowledge, preparing them to make a transition into full-time career employment.
Public and private sector employers can receive hiring grants for up to 50% of an employee’s minimum hourly rate. Non-profits can receive grants for up to 100% of minimum wage plus Mandatory Employment Related Costs (MERCs).
This amount is limited to a maximum $300,000 per employer/province or territory. Maximum 40 hours/week/employee can be included. For all eligibility details, including how to apply, visit the Canada Summer Jobs (CSJ) program page.
The Industrial Research Assistance Program (IRAP) is a funding program established to accelerate innovative research and development projects in Canada. Eligible businesses who are developing and applying process improvements are the primary targets to receive research funding contributions through IRAP, but large-scale technology adoption projects that lead to new capabilities and/or processes are also considered.
Eligible businesses can access contributions of up to 60-80% of internal technical labour and subcontractor expenses towards a specified innovation project.
For all eligibility details, including how to apply, visit the IRAP program page.
The Strategic Innovation Fund (SIF) is a Canadian program created to provide funding for Canada’s industrial and technology sectors. SIF offers a combination of both grants and loans which can be valued at up to 50% of eligible project costs with the goal of promoting investment into activities that drive sustained productivity and economic benefits. The amount and type of financial support offered by SIF is allocated on a case-by-case basis, as determined by the SIF funding application review committee.
SIF offers financial contributions (both grants and loans) valued at up to 50% of project costs. The program focuses on projects requesting at least $10 million in contributions. This means a minimum project size of $20 million.
For all eligibility details, including how to apply, visit the Strategic Innovation Fund (SIF) program page.
Government Funding Can Help Meet Your Business Goals
If you are a Canadian business located in Atlantic Canada and you are looking to get started with government grants and/or loans to assist you in meeting your project goals, please contact the Mentor Works team of professional grant writers to help with program assessment and eligibility.
Canadian businesses should understand that there are key differences between the types of funding which is available before they begin an application process. Download our free Types of Government Funding resource to learn about the various types of grants, loans, and government incentives that are available to Canadian companies, organizations, and entrepreneurs.