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BUSINESS BLOG


5 Ways to Find Government Grants for Small Businesses in Ontario


Alvin Thompson 2016-07-28

Not everyone has enough money in their savings account to start a new business on their own, but there is more than one way to get financing.

Government grants for small businesses can be difficult to get. There are different options out there, but it’s up to you to find one that is meant for the type of business you want to start, and to apply for it.

To find the right government grant for your business, you will need to do some research. Since there is no easier way to search for something than to use the internet, here are some tips to help you find government grants for small businesses in Ontario.

(1) Make sure you know what you are looking for

Searching for “government grants for small businesses” on a search engine should give you many results, but those terms are rare on government websites. You should also search for small business financing, subsidies, tax credits, and non-repayable loans.

This way, you  will have a better idea of all the financing options that are available for entrepreneurs who want to get started on the right foot with their businesses. It will then be time to narrow your search.

(2) Search within your industry

Many government grants for small businesses are only offered to businesses working in a particular industry, so it’s important to start searching for the options that are available within your industry.

For example, new entrepreneurs that are involved in alternative energy, environmental improvements, or research and development might have a better chance of finding a government grant for a small business. For young entrepreneurs, you will find more resources on the Ontario.ca resource hub.

(3) Look for entrepreneurship programs

The right entrepreneurship program could help you find the financing you need to start your business, while also providing you with valuable support. Look for a program designed for entrepreneurs in your industry, learn more about the objective of that program, and see if your business project qualifies.

Some entrepreneurship programs have been created specifically to meet the needs of young entrepreneurs between 18 and 29 years old. These programs can provide you with financing, and entrepreneurship skills training. For more information, you can find additional resources on the Ontario Centres of Excellence website.

If you find that you qualify for an entrepreneurship program that is co-funded by the government of Canada, your search for a government grant for a small business is over.

(4) Visit government hub sites

If you don’t qualify for an entrepreneurship program, visiting government hub sites, like the Industry Canada website, will help you find lists of options to finance your new business. Browse through different government websites to find information regarding small business grants, loans, and government programs that are offered in Ontario.

If you gather everything you have learned during your research, you should be able to find at least a few resources that will work with your business idea and with your situation.

(5) Decide and apply

It’s now time to decide which options are the best to help you finance your business. To maximize your chances, take all the time necessary to work on your application for the grants and the programs of your choice.

You should be sure to take full advantage of all the resources that are already available. The SR&ED Tax Credit Program, for example, will allow you to get some funding in the form of tax credits.

The government will not just deposit free money into your account, so it’s up to you to do some research and to take the steps necessary to get financing for your business. If you don’t succeed at first, don’t be discouraged and don’t be afraid to try again.

 

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