Best 20 Ways To Finance Your Startup in Canada (Miss it at Your Own Risk)

Best 20 Ways To Finance Your Startup in Canada (Miss it at Your Own Risk)

There is something about owning and running your own business, being our own boss, creating something new, that is incredibly appealing. However, setting up a new business is far from the idyllic scenario one would like. It is wrought with risks and perils and financial problems. Luckily, government grants for small businesses can help you out.

Listing 20 Ways by which you can finance your Canadian based Startup:

1. Buy Local Program (British Columbia) – Website

The BC government provides funding to businesses that contribute to agriculture, food, and seafood industries. The funding can be used for marketing, advertising or social media campaigns. The condition for receiving this grant, however, is that the business must be based in British Columbia and the marketing campaign must be new. The entrepreneur must contribute at least 50% of the costs.

2. AVAC Ltd. (Alberta) – Website

AVAC was created in 1997 by the Government of Canada and the province and Alberta which provides investment opportunities for business based in Alberta, or can provide economic benefit to the province of Alberta, that focus on agriculture, industrial technology and renewable resources. AVAC provides grants to research and commercial based endeavours.

3. Export Market Access (Ontario) – Website

This program grants small businesses up to 50% (up to a maximum of $150,000) of the cost of the projects that develop export sales, or are looking to break in to the export business. The grant alleviates costs of research, marketing, bidding, marketing etc. The business must have at least 5 employees and have sales worth $500,000 or more per year.

4. Northern Ontario Heritage Fund (NOHFC) Programs – Website

Again in Ontario, we have the Ontario Heritage fund. The NOHFC is aimed at creating and growing employment opportunities in the region. It provides grants for new businesses, expansion of old businesses, internships etc. The NOHFC website provides a complete list of available options to apply in.

5. Emerging Music Business Program (Nova Scotia) – Website

Nova Scotia provides grants to emerging artists, musicians, and Registered Societies up to 50% (with a a maximum limit of $4000) to set up businesses in the region. The constraint is that the artist or at least 3/4th of the employees must be residents of the province.

6. Fondation du maire de Montréal pour la jeunesse (Montreal) – Website

This program helps young entrepreneurs set up new businesses by covering up to 25% (or $30,000 whichever is lower) of the project costs. The business must be set up in the city or borough of Montreal and the by a Canadian resident 18 or older, and 35 or younger.

7. Marketing Support Program (Prince Edward Island) – Website

The PEI program provides 40% of the costs related to advertising, marketing, research and promotion of a business set up in Prince Edward Islands. The business must be related to food development, manufacturing, bioscience, information technology, or craft/giftware sectors.

8. Natural Stone Assessment (Newfoundland/Labrador) – Website

A maximum of $50,000 or 75% of project costs may be granted to an applicant for resource assessment and explorations per project. The business, however, must be registered to operate in Newfoundland/Labrador and the applicant must hold the rights to the mineral lands mentioned the application. The applicant must also provide proofs that they are able to cover the rest of cost of the project not covered under the grant.

9. New Brunswick Growth Program – Website

Based on the number of jobs created, this program offers 50% of eligible costs up to $100,000, or up to $15,000 per new job opportunity. The contribution is non-repayable. To avail this the business must be based in New Brunswick and relate to manufacturing, IT, tourist, or commercial service industries. A few other industries are also eligible.

10. Ontario Conservation Fund – Website

A number of provinces offer grants to energy efficient industries. The Ontario Conservation Fund has supported innovative research, technology and innovations since 2005. The maximum time-frame for a project applying for this grant is 3 years. Amount allocated depends on the type of energy it pertains to and eligible costs.

11. Efficiency Nova Scotia – Website

This program offers businesses the chance to receive rebates by making their business more energy efficient. By alleviating the drain on energy, the program seeks to boost the overall economy and thus, helps owners to set up optimized businesses. This also helps lower project costs.

12. Hydro Quebec Energy Efficiency Programs – Website

The Hydro Quebec Energy Efficiency Program offers customized financial aid to projects that adopt and plan to sustain energy efficient models in their business practices. Grants and rebates are offered on the basis of the project in question and the cost of implementing it.

13. Growing Forward 2 (Alberta Farms) – Website

This is a federal initiative program that provides $3 billion in aids to farmers and business owners all over Alberta to help them start businesses. It also includes $2 billion specifically for meeting economic growth needs of the region. However, the program is currently offline and not accepting applications due to exhausting its funds. Additional funding is being requested.

14. British Columbia Hydro Power Smart – Website

Another province investing in smart energy techniques is British Columbia. Incentives are available for a variety of techniques. For those unsure, Key Account Managers can also help in optimizing solutions so that the best approach is selected.

15. Entrepreneur Support Program (SEED) – Website

This program is designed to offer $15,000 per year to businesses that operate Northwest Territories. It helps small businesses and partnerships with gross annual sales of $500,000 or less. It provides assistance with start-up costs, capital, operational costs etc.

16. Financial Support for Aspiring Farmers – Website

Quebec residents between ages 18 and 40 starting out in the agriculture industry can request and receive loans up to $25,000 to help jump start their business. The condition is that the business must contribute to sustainable development.

17. AgriMarketing — SME Component – Website

For small and medium businesses geared towards agri-food, food and seafood sectors, owners are eligible to receive up to $250,000. To avail this, businesses must make headways into existing export markets, or create entirely new ones to boost the economy.

18. Centre of Excellence in Next Generation Networks (CENGN) – Website

Innovative communication technologies are supported by Canadian Government via this program. Funds of $50,000 to $100,000 are available to help in commercialization of new products which meet the software and hardware criteria.

19. Consulting Western Economic Diversification – Website

Female entrepreneurs in Manitoba can avail this program to help start their business in the province. Loans up to $150,000 are available in a 5-year period with the additional option of market analysis, counselling services etc.

20. Summer Company – Website

Specifically designed for students and young entrepreneurs, this program allows Canadian citizens ranging from 15 to 29 grants of up to $3000, as well as, on-hands training to help them run their own business in the summer.

Doug

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