Canadian government funding programs are well positioned to offset business improvement project expenses. When used strategically, these funding programs can be leveraged for many growth and investment-oriented projects. Businesses who are the most successful with funding can build a thorough funding plan that consists of programs that cover a wide range of strategic projects to optimize their funding potential, while minimizing their financial commitment.
Both federally and provincially, Canadian governments allocate money to provide small businesses with government grants, repayable funding, vouchers, and tax incentives.
These funding types are often used by businesses to extend their cash flow and execute projects at a scale and speed that they would not be able to accomplish independently.
Funding-eligible project themes typically include:
Business Expansion & Exporting
Small businesses often struggle to finance expansion activities due to limited cash flow. Achieving new efficiencies, increasing production, expanding into foreign markets, or implementing other projects require significant financial investment and are often difficult challenges for businesses. Business expansion funding is often available for the following:
- Export market entrance and expansion,
- Facility expansion or retrofits,
- Market research and competitive intelligence, and
- Adoption of advanced technologies (capital and software).
Grants and loans in the business expansion and exporting bucket can range from up to 10%–75%.
Business expansion funding is provided to established small and medium-sized enterprises with a history of financial stability. Most programs require that applicants are incorporated (either federally or provincially) for at least two or three years and remain in good financial standing prior to submitting a funding application.
Read the full article HERE: https://www.mentorworks.ca/blog/government-funding/top-canadian-government-funding-programs/