New FedDev Government Funding Programs for Small Businesses: How to Find and Use Small Business Grants in Ontario
CAMBRIDGE, Ontario, Sept. 12, 2011 — Financing for small businesses is always of critical importance. On average, 17 percent of all Canadian entrepreneurs indicate “obtain financing” as an obstacle to growth. Although most business owners (i.e. 68%) receive financing through banking institutions, Canadian government funding and grants are increasing their penetration in Southern Ontario since the formation of the Economic Action Plan and enhanced social media tools to improve communication.
Canadian entrepreneurs have become increasingly diverse throughout the past two decades. Understanding trends and the new influencing factors on financing, Mentor Works has compiled the best organizational tools and resources for researching government funding options to serve Start-up Financing, Industrial Sector and Service Sector. Funding resources are available to your business from both the provincial and federal levels of government. The challenge facing most businesses is how to find and take advantage of what is out there.
At the company’s blog site, the professionals at Mentor Works summarize the top government small business grants each week. One substantial program launched by FedDev that is gaining traction is the Prosperity Initiative. FedDev Ontario has allocated $210 million, to provide a more productive, diversified and competitive economy in Southern Ontario.
This investment from the Federal Economic Development Agency for Southern Ontario may support commercialization projects to create a Southern Ontario Advantage through a repayable loan funding mechanism. With the end goal to create increased employment opportunities and high value jobs, the government funding supports new advancements in the science & technology, energy, health & sciences, food & beverage, information and communication technology sectors.
The government funding program provides two different themes for selection during the application process. SMEs can apply for either Regional Diversification or Competitive Advantage funding to support:
- Market development and expansion efforts to build greater diversification regionally through collaborative strategic alliances or initiatives.
- Technology demonstration and piloting, business development and expansion, adoption of new technologies, processes and skills in a sector, facility improvement and expansion to build on the strengths of our region to serve the global economy
Recipients will be for-profit corporations with matching funds in distressed regions for long-term economic benefit. Eligible costs may include capital (i.e. excluding land & buildings), labor and operating expenditures, materials & supplies, software, consulting or professional fees, travel and meeting costs.
For further information on the Prosperity Initiative and to receive support with the application process, please do not hesitate to contact Mentor Works regarding government funding for small business and attend an informative workshop on how to get started.
About Bernadeen
Bernadeen McLeod is the principle behind Mentor Works Ltd. She operates her business and executive mentor practice from Cambridge, Ontario with clients throughout the region including Toronto, Kitchener, Waterloo, Guelph, and Burlington. Bernadeen worked in the corporate arena for 18 years as an executive and general manager in the manufacturing sector.
With considerable expertise in government funding, both on a federal and provincial level, Bernadeen has secured grant funding as well as low interest loans for small-medium size business owners in Southern Ontario. She likes to play to win, and understands the importance of cash flow and margins. She enables her clients to succeed through her passionate belief that there are no boundaries or limits to what can be achieved.
Media Contact: Bernadeen McLeod, Mentor Works Ltd., 1 (888) 599-3111, info@mentorworks.ca
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