Business financing in Ontario: what programs are there?

Government funding for businesses in Ontario

 

If you are considering Ontario as a province for immigration to Canada, we recommend that you learn in detail about financing a business in Ontario. After all, federal programs here are so diverse and intensive that they are guaranteed to be interesting for business.

In this article, you will learn how to get government financing if you own a business in Canada.


Funding Technology Innovation with NRC IRAP


This type of business support is provided to medium and small business in Canada, located in Ontario. The condition is that the business must introduce technological innovations.


Purpose of funds:


  • research

  • development


Funding is provided at various stages of the innovation cycle.


Funding amount is up to $10 million.


The mission of the program is to make available funding for representatives of medium and small businesses in Canada who: a) strive to develop, scale up their projects in the fields of research and development, and also b) create new jobs for youth. As conceived by the authors of the program, state aid is able to give a powerful impetus to representatives of business in Canada. This will have a beneficial effect on the activities of companies in the next 5 years and will lead to their explosive activity and the strengthening of all microeconomic indicators.


The faster and more stable growth your company has, the better its chances of getting funding.


Selection criteria:


  • your company has no more than 500 full-time employees

  • company is a registered, profit-oriented medium or small business in Canada

  • the goal of the company is growth and profit, thanks to the development of technologically innovative products, services and processes that are better than those available in the Canadian market


Our team is competent to help you obtain NRC IRAP funding. Contact us for a free consultation on this issue.


What data about your business need to be provided to the program team in a quality manner? This is your overall business strategy, current challenges, opportunities for development and points such as:


  • commercial plan

  • financial, managerial and business opportunities

  • technical aspects of the project

  • your real potential to achieve your goals

  • potential benefit to the State of Canada

  • current market situation


Also, thanks to the program from NGEN (Next Generation Manufacturing Canada), you can get support that covers up to 44.4% of the costs of your projects. Funding amount is from $1 million to $20 million.


To participate in the program, you must collaborate with many partners in the following areas:


  • progressive robotics

  • 3D printing

  • machine learning

  • internet of things (IoT)

  • sensors

  • data processing


Funds under the program are given free of charge.


If you receive money from this program along with money from other programs, your total funding cannot exceed 55% of your total covered costs.


Financing business in Ontario to boost international trade


As an owner of a business in Canada, you can get from $15 thousand to $75 thousand to cover up to 75% of the marketing costs associated with developing and expanding your business.


Directions related to international trade and Internet optimization that can receive funding:


  • attending virtual events

  • internet commerce

  • obtaining certificates

  • protection of intellectual property


The program is available for medium and small businesses in Canada.


A prerequisite: marketing should be directed to those countries and regions in which at the moment you have no sales or and the volume is very small.


Types of costs that can be financed:


  • SEO / SLI

  • development, production and distribution of marketing materials

  • obtaining expert advice on business and legal issues

  • collection of analytical data (individual research, development and reports)

  • filing applications for the protection of intellectual property

  • visiting online exhibitions, conferences and summits in order to establish business connections


Conditions:


  • the goal of your activity should be to make a profit

  • the company must be officially registered

  • you must have no more than 500 employees

  • for the last year, your profit should be between $100 thousand and $100 million


Grants for the development of collaborative business in Canada from CDTS (Canada’s Digital Technology Supercluster)


You can get a grant to cover part of the costs if you run projects in collaboration with other companies in various areas of activity, namely:


  • development to improve business relationships

  • access to innovation

  • reaching partnership agreements

  • conducting trainings for small businesses in Canada


If your company is developing AI for supply chains, there are additional opportunities for you. The state organization Scale AI provides collaborative projects:


  • the ability to cover up to 50% of project costs

  • advice on creating strong products

  • joint development of go-to-market strategies

  • cross-industrial cooperation

  • transparent data integration in a real time


The amount that you can receive under the program is not limited.


Proof of Concept program


This program assists in the implementation of projects from Ontario related to innovative natural products and technologies.


Business categories for which the program is available:


  • medium and small business in Canada

  • research institutes in Canada

  • startups in Canada


You can receive up to 50% of the funds through a proof of concept plan.


Conditions:


  • maximum allocated funds is $250 thousand

  • project implementation period cannot exceed 12 months


Also, as part of promoting nature initiatives in Ontario, there are programs for the following categories of activities:


  • forestry projects (funding collaboration projects in Ontario)

  • vegetable protein production

  • projects in the field of ocean production

  • mining and production of products of marine origin


Grants for Economic Development in Eastern Ontario


Projects focused on job creation and economic development can receive up to $1.5 million from the Eastern Ontario Development Fund.


Types of initiatives funded:


  • job creation and development assistance for specialists

  • attracting business investment to the private sector

  • promoting economic growth

  • strengthening cluster development, cooperation and innovation


Conditions for obtaining support for business in Canada:


  • your company must function and complete transactions for at least 3 years

  • you must have a minimum of 10 hired employees (or 5 for rural Ontario)

  • you must pre-invest in your business at least $500 thousand (or $200 thousand for rural areas in Ontario)

  • you must be stationed in Eastern Ontario or have plans to move to that area


Grants for Economic Development in Southwest Ontario


The program similar to the previous one also allows to receive up to $1.5 million. It covers up to 50% of the total project costs.


Conditions:


  • you must have previously invested at least $100 thousand in the project

  • you must have real support from the private sector

  • the company must be headed by municipalities, economic development organizations or industry organizations

  • the project must lead to measurable results

  • the project should focus on economic development

  • by making business investments the project must create jobs

  • funds should be used for activities that are new to your organization


Grants for Economic Development in Northern Ontario: FedNor’s Federal Business Scale-up and Productivity (BSP) Initiative


You can get up to $500,000 in order to cover up to 50% of the total project costs if it focuses on:


  • development

  • growth

  • productivity

  • technology adoption

  • development in the market niche

  • attracting investment


Moreover, the program was created for:


  • helping companies develop and expand

  • support in the commercialization of new technologies

  • encouraging the introduction and adaptation of new advanced technologies

  • facilitating productivity improvement processes

  • increasing the ability of a business to grow by diversifying the market and entering domestic and global markets


You can count on help if you are a business, including:


  • self employed

  • partner community

  • socially oriented company

  • registered company, corporation or cooperative


Conditions for obtaining business investment:


  • your business must demonstrate steady growth over the past 2 years

  • you must be really able to complete the project

  • your company must have sufficient potential to grow in and diversify in the market

  • the project plan must be feasible, the cost estimates for its implementation must be verifiable

  • your goals should correspond to the real level of the team’s capabilities


What you can spend money on:


  • demonstration, implementation and adaptation of technologies (reengineering of processes, a full cycle of introduction of new technologies, improvement of production capabilities, strengthening of production capacity, improvement of productivity, etc.)

  • commercialization, expanding market presence (presentation of new technologies in the field, integration into domestic and global value chains, demonstration of technologies in later stages of development, market diagnostics)

  • business management (building high-performing teams, implementing modern management solutions, improving business opportunities, strengthening production capabilities)


Interactive Digital Media Support Program


Business in Canada is supported by IDM Fund if it has digital media among its areas.


The program promotes:


  • concept definition and production

  • development in the international market

  • industrial development

  • marketing support


Funding is available for directions:


  • producing creative content: creating new products and accessing new markets

  • holding events that stimulate the development of the interactive industry

  • projects that do not seek to make a profit can receive research funds


The program has two streams:


  • business development (assistance to companies in b2b and b2c directions, designed to promote networking and sales)

  • capacity improvement (support for strategic initiatives to address challenges and opportunities or environmental changes that enhance the capacity of the applicant organization or stakeholder group)


Conditions for obtaining business investment:


  • the project must have measurable success rates

  • the project must be designed to increase sales

  • the project can create and sell content in the form of: books, magazines, films, TV products and their combinations


Submission of documents for obtaining financing is specific and has nuances. Our team will help you to correctly take them into account so that your application is guaranteed to be accepted.


Immigration assistance


Have you just decided to start a business in Canada or are you thinking about business immigration to Ontario? Our team of experts will help you with all the details during the planning phase. We will select assistance programs for you in such a way that the start is easy and the business investment you receive is maximum.


We are ready to provide you with a free preliminary consultation. What business to open in Canada so as to immediately occupy a profitable niche in the market? Contact us, and we will help you figure it out!