Navigating the maze of grants for small business Ontario

Navigating the Maze of Grants for Small Businesses in Ontario

Starting a small business is a daunting task, and navigating the world of financing can be overwhelming. Fortunately, for those starting their entrepreneurial journey in Ontario, there are a plethora of grants available to help get their business off the ground.

But with so many grant options available, where do small business owners start? In this article, we’ll dive into the different types of grants available, qualifying criteria, and how to apply for them.

Types of Grants Available to Small Businesses in Ontario

The Ontario government has made it a priority to help small businesses succeed, and there are numerous grants available to assist with various aspects of starting and running a business. Some of these grants include:

1. The Ontario Small Business Support Grant – With a grant amount of up to $20,000, the Ontario Small Business Support Grant was created to assist small businesses affected by COVID-19. To qualify, businesses must demonstrate a revenue decline of at least 20% from April 2019 to April 2020.

2. The Canada-Ontario Job Grant – Designed to help small businesses train their employees, the Canada-Ontario Job Grant can provide up to 50% of the cost of training to a maximum of $10,000 per person.

3. The Eastern Ontario Development Fund – This grant provides funding to businesses in Eastern Ontario for activities including expanding a business, creating jobs, or adopting new technologies. The grant amount varies depending on the activity and is determined on a case-by-case basis.

4. The Rural Economic Development (RED) Program – The RED program is designed to help rural communities and municipalities in Ontario with economic development. Businesses can apply for the grant to help with projects such as creating jobs, expanding businesses, or enhancing tourism.

Qualifying Criteria for Small Business Grants in Ontario

Qualifying for grants can be tricky, as each grant has specific eligibility criteria. Some common qualifying factors include:

1. Business Size – Some grants are specifically designed for micro or small businesses with a certain number of employees, while others target larger businesses.

2. Business Type – Certain grants may only be available to businesses in specific industries, such as agricultural or tech-related businesses.

3. Geographic Location – Some grants are only available to businesses located in specific regions or municipalities.

4. Purpose of the Grant – The objective of the grant can also affect eligibility. Grants designed for job creation may require the business to have a certain number of employees or open up a specific number of new positions.

How to Apply for Small Business Grants in Ontario

Once a business has identified the grant they wish to apply for and confirmed their eligibility, the next step is to start the application process. Some tips for a successful application include:

1. Thoroughly read the application guidelines and eligibility requirements to ensure that all necessary information is included.

2. Provide detailed information about the business and its plans for the grant funds.

3. Contact the grant administrator if there are any questions about the application.

4. Include any supporting documentation requested in the application, such as financial statements or business plans.

Conclusion

Navigating the maze of small business grants in Ontario can be overwhelming, but with a little research and careful planning, businesses can secure funding to help them succeed. As with any application process, it’s important to thoroughly read the guidelines, confirm eligibility, and include all necessary information. By doing so, small businesses in Ontario can take advantage of the funding available and continue to grow and thrive.

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