Top 5 Ontario Small Business Grants You Need to Know About
Starting a small business is never easy, and it’s even more challenging when you have to consider financing. Fortunately, there are plenty of grants available in Ontario that can help you kickstart your business and take it to the next level. In this article, we’ll discuss the top 5 Ontario small business grants you need to know about.
1. Northern Ontario Heritage Fund Corporation (NOHFC)
The Northern Ontario Heritage Fund Corporation (NOHFC) provides funding for entrepreneurs and businesses located in Northern Ontario. Grants range from $25,000 to $1 million depending on the project’s scope. Eligibility criteria include creating job opportunities, growing the local economy, and advancing innovation.
2. Ontario Summer Company
The Ontario Summer Company offers funding for young entrepreneurs between the ages of 15 and 29 that have an idea for a summer business. The program includes mentorship, training, and up to $3,000 to start a business. The focus is on creating jobs for students and providing them with the necessary skills to succeed in the workforce.
3. Starter Company Plus
The Starter Company Plus program offers up to $5,000 in funding and mentorship for entrepreneurs looking to start or grow their business. Applicants must be over 18 and have a detailed business plan, financial projections, and marketing strategies. The program also includes training sessions on budgeting, sales, and customer service.
4. Eastern Ontario Development Fund (EODF)
The Eastern Ontario Development Fund (EODF) provides funding for businesses located in Eastern Ontario that are looking to expand or modernize their operations. Grants range from $100,000 to $5 million and are typically awarded to businesses in the manufacturing, technology, and tourism sectors. Eligibility criteria include job creation, investment in the local economy, and innovation.
5. Women’s Entrepreneurship Strategy
The Women’s Entrepreneurship Strategy is a federal program that provides funding for women entrepreneurs in Ontario. The program includes grants, mentorship, and access to capital. Eligible applicants must have a strong business plan and be able to demonstrate their financial need.
Conclusion
These are the top 5 Ontario small business grants that can help you start or grow your business. Each grant has specific eligibility criteria and application requirements, but they all aim to promote entrepreneurship and support economic growth. If you’re starting or running a small business, be sure to explore these grant opportunities and take advantage of the resources available to you.
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