Ontario is a bustling province with a thriving small business community. Entrepreneurs operating in Ontario have access to numerous grants and opportunities to aid the growth of their businesses. These grants can help small businesses cover various expenses such as marketing, hiring new staff, innovation, and research and development.
Here are the top 10 Ontario small business grants that you need to know about:
1. Ontario Small Business Grant: The Ontario Small Business Grant provides funding based on a percentage of the previous year’s revenue, up to a maximum of $20,000. This grant can be used for expenses such as rent, equipment costs, and expansion.
2. Canada-Ontario Job Grant: The Canada-Ontario Job Grant is geared towards businesses looking to provide opportunities for employee education and development. This grant covers up to two-thirds of eligible training costs, up to a maximum of $10,000 per employee.
3. Innovative Solutions Canada: Innovative Solutions Canada is a federal government initiative that helps small businesses undertake research and development projects. This grant provides funding up to $150,000 for proof of concept projects, and up to $1,000,000 for development of prototypes.
4. Digital Main Street Grant: The Digital Main Street Grant helps small businesses improve their online presence through e-commerce platforms, mobile app development, website design, and digital marketing. This grant is worth $2,500 and provides training and access to specialized advisors.
5. Northern Ontario Business Funding: Northern Ontario Business Funding offers financing for various types of businesses in Northern Ontario. This grant provides funding up to $5 million for businesses to begin or expand operations.
6. Canada Media Fund: The Canada Media Fund helps small businesses involved in the production and distribution of media content. This grant includes both repayable and non-repayable contributions, up to $1.5 million per project.
7. Business Scale-up and Productivity Program: The Business Scale-up and Productivity Program provides assistance for businesses looking to expand their operations and increase productivity. This grant provides up to $10 million in contributions to eligible businesses.
8. Ontario Innovate Fund: The Ontario Innovate Fund is dedicated to supporting innovation and entrepreneurship in Ontario. This grant provides funding up to $500,000 for product development, proof of concept, and market development.
9. Ontario Exporters Fund: The Ontario Exporters Fund assists businesses looking to expand their markets and reach customers outside of Canada. This grant provides funding up to $100,000 for market development and export initiatives.
10. Young Entrepreneurs Make Your Pitch: The Young Entrepreneurs Make Your Pitch competition encourages young entrepreneurs aged 18-29 to develop and pitch innovative business ideas. Winners receive funding and pitch coaching to bring their business ideas to life.
In conclusion, these Ontario small business grants are great opportunities for entrepreneurs looking to grow their businesses. With funding options for various sectors and industries, businesses can tap into different grants to cover expenses and expand operations. Remember to do your research well and follow the application criteria for each grant to increase your chances of successful funding acquisition. Good luck to all Ontario small businesses!
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