Top 5 Canadian Government Grants For Start-ups
Entrepreneurship is the word of this age. Nowadays, standard 9 to 5 jobs are not enough and people are looking to embark their own creative journey. Thus start-up and small businesses are getting increasingly popular.
However, it is not always easy to maintain your own businesses. Amongst the many challenges you’ll face, one of the most crucial ones is funding. Not many people possess the means to finance their projects out of their own pocket, and getting bank loans can be a grueling effort. Fortunately, you can apply for government grants for small businesses to aid you in your venture.
What you can do
Getting grants is not an easy process. There is a lot of competition and the criteria for applying are usually stringent. Also grants vary from industry to industry and not all sectors get the same level of funding. However, here are 5 of the best grants the Canadian Government has to offer.
Advancing Water Technologies (AWT) Program
The AWT program is a $12 million program funded by FedDev Ontario. It supports projects relating to clean and innovative water technologies and alleviation of global water crisis. The grant provides funds upto 50% of your expenses to a maximum of $100,000. In case of further requirements, an application may be submitted to the committee. However, to be eligible to apply for this grant your company must have a minimum of two employees and have been operational for 2 years.
AgriInnovation Program (AIP): Industry-Led Research & Development
The AgriInnovation Program aims to provide research and innovation funding for agriculture and food-product based industries. Funding under this program can be divided into two categories – Agri-Science Cluster and Agri-Science Project.
The Agri-Science Cluster division focuses on projects at the national level that can target issues across multi-provincial channels. The funding for projects of this scale ranges from 50% to 75% of total costs.
The Agri-Science Project on the other hand concentrates on targeted issues, one at a time. It can provide funds amounting to 50 to 75% of project costs, with a maximum of $5 million.
TECTERRA Funding for Geomatics Companies
In the field of geomatics innovations, TECTERRA is the perfect place to apply for a grunt. TECTERRA was created specifically to support small businesses looking to develop geomatics technologies and it provides a wide range programs that aid in commercialization, support of businesses and career opportunities.
Canada Small Business Financing Program
The Canada Small Business Financing Act was signed with an aim to increase the availability of financing for small businesses. It helps in establishment, expansion or renovation of said organizations in order to help the citizens lead dignified leaves and grow the economy. Under this charter, the Canada Small Business Financing Program can provide up to $1 million in expenses for setting up or expanding your business.
Canada Media Fund: Experimental Stream
For digital media projects, the Canada Media Fund finances development, production and innovation of content that will be used in Canadian media or by the public. Amount available for funding depends on stream. A maximum of $300,000 to $1.2 million may be requested.
It is tough to mark your own way in the world and the Government of Canada recognizes that and aims to help develop businesses that would further develop the community. Thus, if you have a worthwhile project, federal grants like this can be the key to your success.