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Small and Medium Enterprises (SMEs) remain an important part of any country’s economy. These businesses are crucial to the survival of many communities and families, which is why the Canadian government, with different levels of government including the local, provincial and federal.
Canada continues to initiate numerous funding programs to help keep them running. These include grants, government loans, tax breaks and credits.
As these programs benefit families and communities, they also help to improve the country’s economy, provide employment, and create more wealth.
To help you take full advantage of the different SME grants in Canada, we have come up with a list of the Small Business Canadian Grants You Can Apply For In 2024. Read through, and pick whatever options that you think will benefit you greatly.
Small Business Canadian Grants You Can Apply For In 2024
There are numerous small business grants in Canada that you can apply for but here are our to picks to help grow your business:
Canada Job Grant
Initiated in 2014, this is a government-funded program designed to aid organizations by covering the cost of providing third-party skills training to their employees. This applies to both new and current employees, and the point of the program is to upgrade their skills so they can become more valuable to the company they work for.
The program offers up to $10,000 per individual for training costs, and it is usually awarded by individual provinces. Each province has its own funding amounts and eligibility criteria. Some of the provinces that are known for participating include Manitoba, Newfoundland and Labrador, Alberta, and New Brunswick.
To be eligible, applicants are required to be incorporated and have a business number with the Canada Revenue Agency. Also, the training that you want to get for your employees must be delivered by an eligible, third-party trainer.
Innovative Solutions Canada (ISC)
Designed to help Canadian innovators, particularly small businesses with 499 employees or less, in growing and bringing their innovations to market, ISC is a Canadian government initiative that has been in existence for a while now.
It has two main streams for funding including the challenge stream and the testing stream.
For the challenge stream, certain challenges are set, and innovators contend to find a solution to them. Winners get funding to demonstrate the practicability of their solution and come up with a prototype.
In the testing stream though, innovators can apply for finance to try out their innovation in real-life settings.
Applicants are required to apply through the program’s specific challenge streams and must meet the requirements, as well as the deadline.
The program is highly beneficial to small businesses, as it gives them the chance to make their first sale to the government, without losing their equity and intellectual property rights.
Industrial Research Assistance Program
The National Research Council of Canada’s Industrial Research Assistance Program (NRC IRAP) is a vital program meant to support innovation in small and medium-sized enterprises (SMEs) in Canada.
This program plays a crucial role in helping businesses develop and furthering Canada’s innovation landscape. It offers services such as financial support, advisory services, and so on. Through innovation, NRC IRAP is required to encourage wealth creation in the country.
Also, the program aims to help small and medium-sized enterprises (SMEs) in Canada grow and make money from technologies by working in partnership with regional and national organizations.
The program is delivered by distinct field staff, inclusive of over 240 industrial technology advisors positioned across Canada.
Business Scale-Up Productivity Program
Through process re-engineering, building high-performance teams, the adoption of innovative technologies, enhancement of productivity and so on, the Business Scale-up and Productivity (BSP) program is a key initiative meant to promote innovation and businesses in Canada grow.
The BSP program encompasses different project costs such as capital costs, operating costs, technological development, labour, and so on, and finance is usually given according to remuneration of incurred project expenses.
There is a two-stage application process, which involves an expression of interest followed by a complete application if the project moves forward.
To qualify for this program, businesses are required to be high-growth, incorporated in Canada, have been operating for a minimum of two years, and have working spaces in the particular regions of the program’s operation.
Creative Export Canada
The Creative Export Canada program is a vital initiative designed to help Canadian creative industries harness their export capabilities and gain ground in the global market. It is part of the Canadian government’s Creative Export Strategy.
The program has two streams, including the Export-Ready Stream and Export Development Stream. The Export-Ready Stream provides financial support for projects that are set to bring in export revenues and get Canadian creative industries global recognition. It provides up to $2.5 million in funding for each project.
The Export Development Stream, on the other hand, aids projects from companies and organizations without much export experience, helping them gain access to international markets. It offers up to $90,000 in funding per fiscal year. Projects under either stream can span up to two years but are required to end by March 31, 2025.
Eligible organizations include companies that have been incorporated in Canada and have yearly revenues of below $500 million.
Qualified and interested parties can apply via email in winter 2024.
Sustainable Canadian Agricultural Partnership
Designed to promote the competitiveness, innovation, and resilience of the agricultural sector, the Sustainable Canadian Agricultural Partnership (SCAP) is an extensive 5-year program launched in April 2023.
It is a continuation and advancement of prior agricultural policy frameworks in Canada, tagging it as the fifth pan-Canadian agreement on agriculture. It prioritizes the handling of climate change and environmental issues, attending to science, research and innovation, growing markets and trades, and so on.
Furthermore, this program not only concentrates on local growth in agriculture, it also aims to place Canada as an international leader in economically, environmentally, and socially sustainable agriculture.
In Summary:
The Canadian government has played its part by establishing numerous grants for small businesses in Canada, it is now up to you to choose the one that will benefit your business the most.
There you have it, the Small Business Canadian Grants You Can Apply For In 2024.
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