Cambridge, Ontario (Marketwire – March 27, 2013). With the release of the 2013 Federal Budget, SME’s, particularly those in manufacturing or involved in research and development, applauded the announcement as it confirms they will continue to be positioned as a top priority in the plans to strengthen Canada’s economy. Precise details regarding funding allocations for Canadian government funding small business grants and loans are expected to expand in the near future.
Canadian Government Funding for Businesses Conducting R&D
Several of the most popular Canadian Government Funding Programs are offered by the National Research Council of Canada’s (NRC) Industrial Research Assistance Program (IRAP). Most eligible SME’s are aware of NRC’s IRAP, but usuallynot cognizant of other types of IRAP Funding that offer wider funding support based on a given firm’s particular strategic needs.
IRAP Small Business Funding Grants for R&D and Technical Projects
IRAP Accelerated Review Process (ARP) offers small business grants to firms looking to overcome an internal technical challenge with technical or research innovations. These Canadian business grants offer up to $50,000 in funding with up to 80% of direct labour costs and 50% of sub
–contractor costs covered. This is excellent for firms that wish to get involved with lean manufacturing, custom software development to integrate two platforms, web analytics and SEO projects, product development & commercialization, and more.
IRAP Digital Technology Adoption Pilot Program (DTAPP) provides companies funding to increase their productivity via the adoption of digital technologies. DTAPP small business funding grants offer up to $100,000 or 80% of direct labour and 75% of subcontractor costs. DTAPP has been helping firms with ERP and CRM system overhauls, revised implementation of new software, and internal configuration of materials for inventory management.
IRAP Mid-sized Project Grants are one of most useful Canadian small business grants for research and development. IRAP Mid-sized Projects are typically larger than both ARP and DTAPP, with the exact amount of funding determined through consultation with an IRAP representative. These types of Canadian government grants are applicable to firms that are creating original software, developing new products, or engaged in other various internal R&D projects.
The Youth Employment Program (YEP) is one of Mentor Works’ Top 5 Funding Grants for Hiring in 2013 and covers 50%, up to $15,000 towards the first 12 months of a new hire between the ages of 15-30. The position must fill a unique role within your company and call upon this recent graduate’s theoretical knowledge.
For more information on IRAP funding and other Canadian government funding options available to SME’s contact IRAP or a Mentor Works Canadian Government Funding Expert, or visit us at www.mentorworks.ca.