Starting and scaling a business can be challenging, especially when it comes to finances. However, for small business owners in Ontario, there are a variety of grants designed to offer financial support. These grants can help ease the burden of startup costs, expansion, or specific projects. In this blog, we’ll explore five key small business grants available in Ontario, outlining their eligibility criteria, application process, and how they can benefit your business.
Whether you’re looking to expand your business or need funds to invest in new equipment, these grants can offer the support you need to get ahead.
1. The Ontario Small Business Support Grant
What It Is:
The Ontario Small Business Support Grant provides financial relief to small businesses affected by the pandemic and economic downturns. Eligible businesses can receive between $10,000 and $20,000.
Eligibility Criteria:
- Businesses must have experienced a revenue drop of at least 20%.
- You must have fewer than 100 employees.
- The business must have been in operation since at least April 2020.
Application Tips:
Make sure to prepare financial statements that clearly demonstrate the decline in revenue due to COVID-19, and ensure all tax filings are up to date.
Why You Should Apply:
This grant is designed to offer immediate financial relief, providing a lifeline for businesses looking to stay afloat during challenging economic times.
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2. Starter Company Plus Program
What It Is:
Starter Company Plus is a government-funded program offering up to $5,000 in funding to support new businesses or help grow existing ones. The program also includes mentorship and training components, making it ideal for entrepreneurs seeking both financial support and expert guidance.
Eligibility Criteria:
- Applicants must be over 18 years old and Ontario residents.
- The business must be at the idea or early stages of development.
- You must not be a full-time student and must not have full-time employment.
Application Tips:
Highlight how the grant will specifically help your business grow or start. Include detailed business plans and demonstrate how you’ll use the mentorship component to enhance your skills.
Why You Should Apply:
Starter Company Plus doesn’t just offer financial support; it provides entrepreneurs with valuable training and mentorship, helping them avoid common pitfalls in the early stages of their business.
Connect with us to find the best Grant Options.
3. Canada-Ontario Job Grant
What It Is:
This grant helps businesses offset the cost of training for their employees. Small businesses can receive up to $10,000 per employee to cover training expenses, ensuring that their workforce is skilled and ready to meet market demands.
Eligibility Criteria:
- You must be an employer in Ontario.
- The training must be delivered by an eligible third-party trainer.
- The business must contribute one-third of the training costs.
Application Tips:
Be specific about the training needs of your team and how it will benefit the overall productivity and growth of your business. Make sure to include a detailed breakdown of training costs.
Why You Should Apply:
Investing in your team is one of the smartest ways to grow your business, and this grant allows you to do so without the financial burden falling entirely on you.
Connect with us to find the best Grant Options.
4. Ontario Exporters Fund
What It Is:
The Ontario Exporters Fund offers financial assistance to small and medium-sized enterprises (SMEs) looking to expand their business into international markets. This grant covers up to 50% of the salary of an Export Manager, with a maximum grant of $80,000 over two years.
Eligibility Criteria:
- Your business must have 5 to 500 employees.
- You should demonstrate potential for export growth.
- The business must have an annual sales revenue of $3 million or more.
Application Tips:
Make sure to have a clear export strategy in place and identify specific markets that you plan to enter. Demonstrating a track record of successful domestic sales will strengthen your application.
Why You Should Apply:
Expanding into international markets can be daunting, but this grant gives you the financial support to hire an expert who can guide your export strategy.
Connect with us to find the best Grant Options.
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5. Northern Ontario Heritage Fund
What It Is:
The Northern Ontario Heritage Fund provides grants and loans to businesses in Northern Ontario looking to expand. The funding can be used for capital projects, workforce expansion, and product development. Grants can range from $200,000 to $1 million, depending on the size and scope of the project.
Eligibility Criteria:
- Your business must be located in Northern Ontario.
- The project must contribute to economic development in the region.
- The business must be an SME or startup.
Application Tips:
Ensure that your application demonstrates how the project will benefit the broader community and economic development of Northern Ontario. Focus on the long-term impact of your project.
Why You Should Apply:
For businesses operating in Northern Ontario, this grant provides substantial funding for large-scale projects and business expansion.
Connect with us to find the best Grant Options.
How KCS Can Help with Grant Applications
Navigating the grant application process can be overwhelming, but you don’t have to do it alone. At Katapult Consulting Services (KCS), we specialize in assisting businesses with securing the funding they need to grow. Our team has extensive experience in writing grant proposals that meet eligibility criteria and stand out to decision-makers.
From identifying the right grants for your business to helping you create a compelling application, KCS is here to support you every step of the way. We offer three service packages: Essentials, Growth, and Domination, tailored to meet your specific needs and increase your chances of securing the funding your business deserves.
Final Thoughts
Securing a small business grant can be a game-changer for your business. Whether you’re looking to expand your team, grow your market presence, or invest in new technology, these funding opportunities can provide the financial backing you need. Take the time to explore which grants your business qualifies for, and don’t hesitate to reach out to KCS for expert guidance on securing your funding.
written by Adrian Dcosta