How to Secure Small Business Grants in Canada: Your Complete Guide
Discover how to navigate Canada’s small business grant landscape, find the right opportunities, and craft a winning application.
While you’re looking to fund your new business in Canada, you may have come across mentions of grants or "free money" from the government but don’t know where to start. With countless funding opportunities available, the key is knowing where to look and which ones apply to you. This article offers an overview of small business grants in Canada, helps identify potential fits for your business, and shares tips for creating competitive applications to boost your chances of success.
What is a Business Grant and How Much Money Can I Get?
Business grants are sums of money offered by various levels of government and organizations to fund specific activities or industries. They aim to support new businesses and nonprofits, especially during the critical early stages. These grants align with organizational goals, such as innovation, sustainability, or economic growth.
The grant amounts vary widely, ranging from a few thousand dollars to tens of thousands. Unlike loans, grant money typically doesn’t need to be repaid but is considered taxable income.
Securing grant money involves an application process where you demonstrate your eligibility, business plan, and how the grant will help you achieve success. While the process can be time-consuming, it’s a valuable way to secure funding, especially in your business’s early stages.
Types of Business Grants in Canada
Grants are available across Canada, from federal, provincial, and municipal governments to private organizations. Here’s a breakdown of key opportunities:
Government of Canada Grants
The federal government offers thousands of grant programs.
Innovation Canada’s Business Benefits Finder Tool: Customize your search to find tailored opportunities for your business.
Ontario Government Grants
The Ontario government provides several grant programs for regional businesses.
Ontario Business Grants: Sign up to apply for grants and receive updates.
City of Toronto Opportunities: Explore local and nationwide grants for Toronto-based businesses.
Innovation-Focused Grants
Programs targeting innovation and technology growth include:
Ontario Centre of Innovation (OCI):
The Digital Competence Centre (DCC) at OCI is Ontario’s knowledge centre focused on driving the digital modernization of Ontario’s SME.
Innovation Initiatives Ontario North (IION): Offers funding and mentorship for Northern Ontario businesses.
Women- and Minority-Owned Business Grants
Targeted grants include:
DELIA (Rural Ontario Grants): Provides funding to women-owned businesses in Northumberland County.
StrikeUP Conference: Offers networking and funding opportunities for women entrepreneurs.
How to Apply for a Business Grant in Canada
Key Steps:
Identify Suitable Grants
Use tools like the Business Benefits Finder Tool to locate relevant grants.Review Grant Requirements
Understand eligibility criteria, deadlines, and required documents.
Crafting a Competitive Grant Application
To increase your chances of success:
Attention to Detail: Address all questions and adhere to submission guidelines.
Align with Goals: Demonstrate how your business aligns with the grant’s objectives.
Financial Plan: Present a detailed budget and financial projections.
Credentials: Highlight your experience and business’s strengths.
Clear Writing: Be concise and direct while showcasing your business’s value.
Pro Tip: Consider hiring a grant writer or seeking help from organizations like Small Business Centres Ontario to create a polished application.
Additional Resources for Small Businesses
Beyond grants, many organizations offer mentorship, tax help, and advisory services for small businesses.
Government of Ontario Business Resources: Includes free legal advice, mentorship programs, and financing options.
BDC Business Plan Tips: Offers templates and advice for creating strong financial and business plans.
Free Tax Help for Small Businesses: Support from the Canada Revenue Agency.
Partner with an Advisor
Our very own Ryan Gencarelli can help guide you through the application process and identify the best opportunities for your business.
Schedule a discovery meeting with Ryan today to discuss your funding goals and potential grants available to your business.