With the changes in the economy, many business owners are struggling to get a foothold on what they need to do to ensure their business is stable now and into the future.
As a business coach, I’ve seen some tremendous transformations when businesses have had the opportunity to hire outside help to guide them towards increased profitability and less stress.
To support businesses, our team has come up with 24 grants that your business might qualify for in helping you take it to the next level.
Federal grants
Canada Job Grant: The Canada Job Grant (CJG) is a federal government funding program designed to reduce the costs of providing third-party skills training to new and existing employees. Launched in 2014, the Canada Job Grant allocates upwards of $194 million annually to support the upskilling of new and existing employees so they can learn new skills and become more valuable to their organizations.
Canada Small Business Financing Program: This is part of the Canada Small Business Financing Act and was created to help support business growth through business loans with competitive interest rates. Up to $1-million is available for business expansion activities, including the acquisition of a building, leasehold improvements, purchasing new or used equipment, and software components.
Strategic Innovation Fund: The SIF is a federal government program uniquely targeted at Canada’s industrial and technology sectors. It offers financial contributions (both repayable and non-repayable) valued at up to 50 per cent of project costs, with the purpose of promoting investment into the types of activities that drive sustained productivity and economic benefits.
British Columbia Business Grants
Canada-B.C. Job Grant: The B.C. Employer Training Grant program (ETG) supports skills training to address provincial labour market shortages. Reimbursement amounts vary between 60 and 100 per cent, depending on the training stream. Employers are eligible to receive up to $300,000 per fiscal year (April 1 to March 31).
Foundational Training Stream (government of Canada through the Canada-B.C. workforce development agreement): This stream supports unemployed and low-skilled British Columbians to gain essential, transferable and certified skills, in order to obtain good-paying jobs and increase job security. Under the Foundational Training Stream, employers may receive 100 per cent of eligible training costs, up to a maximum of $10,000 per participant per fiscal year.
Workforce Training stream (government of Canada through the Canada-B.C. workforce development agreement): This stream supports training relevant to the immediate needs of the business and the participant’s job. Under the Workforce Training Stream, employers may receive 60 per cent of eligible training costs, up to a maximum of $5,000 per participant per fiscal year.
Technical Training Stream: This stream supports employers to train current or new employees in technical skills in response to technological advancements. Under the Technical Training Stream, employers may receive 80 per cent of eligible training costs, up to a maximum of $10,000 per participant per fiscal year.
Business Grants Northern British Columbia
Competitive consulting grant: The Competitiveness Consulting Rebate program provides a rebate to small and medium-sized businesses engaged in manufacturing, innovative technologies, resource processing, transportation, distribution and their first-line suppliers for external business consulting projects. Projects must focus on increased productivity, new or incremental revenues, profitability and/or job creation.
COVID-19 Recovery Program: This program is designed to help businesses reduce the barrier to accessing professional expertise and recover the costs of third-party consulting projects. These types of projects must focus on ways to sustain businesses during the current economic downturn. The Small Business Recovery Consulting Rebate will reimburse small and medium sized businesses (operators) for contracted consulting services.
Northern Industries Innovation Fund: The NIIF program provides incremental funding to support innovation projects that increase the competitiveness of local businesses in traditional industries across northern B.C. The program is also intended to support economic diversification and/or viability of businesses to mitigate the economic impact of the pine beetle epidemic. NIIF supports applied research and development, new or improved products and services, and testing of innovative equipment or technologies to support capital investment decisions
Marketing Initiatives: The Marketing Initiatives program provides funding to support new marketing campaigns or projects that position a community or region to take advantage of opportunities that support economic vitality and diversification. These marketing projects must be new initiatives that stand alone from existing marketing activities.
Grants for wage subsidies
Industrial Research Assistance Program Youth Employment Program: This federal program helps your business create business or technology jobs for highly-skilled youth. It will pay a part of wage-related costs so you can hire young talent to work on innovation-related projects.
Venture for Canada partner opportunities: From short-term support to full-time hires, this program offers a wide of programs at various costs commitment levels. It provides students and recent grads with the entrepreneurial skills today’s Canadian startups and SMEs need.
Career Ready Program – TECHNATION: For employers within the technology sector (or related projects).
Innovate B.C. – Tech Co-op Grants: Get up to $20,000 per year in funding to hire co-op students through the Tech Co-op Grant, which is available for technology-based companies looking to grow or a non-tech company, organization or non-profit hiring for a tech role.
New Ventures B.C. – Innovator Skills Initiative Grant: Get up to $10,000 per year in funding to hire students through WIL programs (not including co-op), such as internships and work placements. Eligible employers are tech companies or tech-focused non-profits hiring for a business or tech role, or a business or non-profit hiring for a tech role.
Mitacs Accelerate: Mitacs Accelerate pairs businesses with masters and PhD interns to overcome innovation challenges. Interns complete research and develop tools, models, technology, or solutions to support the host business’ challenges.
Grants for research
IRAP accelerated review process (ARP): The Industrial Research Assistance Program (IRAP) offers Canadian small business grants for any company committed to internal research and development. One such program is called IRAP Accelerated Review Process (ARP), which covers as much as $50,000 towards a wide array of different projects so long as they are aimed at solving an internal technical challenge.
Grants for Indigenous entrepreneurs
Economic development fund: Participating First Nations can access this economic development fund that supports environmentally sound and sustainable economic development activities throughout the Great Bear Rainforest and Haida Gwaii.
Aboriginal Entrepreneurship Program; The Aboriginal Entrepreneurship Program (AEP) seeks to increase the number of viable businesses in Canada owned and controlled by Indigenous people. The AEP funds a broad range of entrepreneurial pursuits and aims to build capacity, reduce barriers and increase access to capital, by forging partnerships that will increase economic opportunities for First Nations, Inuit and Métis people.
Money for Indigenous Tourism Businesses in Northern Canada: If you’re working on a project to enhance tourism experiences in your region or helping the community attract more visitors, you could get a maximum $100,000 non-repayable contribution for up to 50 per cent of your project’s costs or a maximum $500,000 repayable contribution for up to 75 per cent of the costs. If you’re also a non-profit, the contribution is most likely non-repayable.
Other grants
Canada-Alberta Job Grant (CAJG): The Canada-Alberta Job Grant (CAJG) is an Alberta government funding program that offers training grants to employers. Through the program, companies may receive non-repayable funding from the government to purchase third-party business training programs, including training for in-demand skillsets. Training is expected to improve the employability and value employees can provide; including new hires in these training sessions can also maximize your funding potential.
The Canada-Ontario Job Grant (COJG): The COJG is an Ontario government funding program that offers training grants to employers. Through the program, companies may receive non-repayable funding from the government to purchase third-party business training programs, including training for in-demand skillsets. Training is expected to improve the employability and value employees can provide; including new hires in these training sessions can also maximize your funding potential.
Dave Fuller, MBA, is an award-winning business coach and a partner with Pivotleader Inc. Did we miss something? Email [email protected]. For interview requests, click here.
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