Small businesses in Ontario face a plethora of challenges every day. One of these challenges is finding enough financing to keep their operations up and running. Fortunately, there are several small business grants available to entrepreneurs and business owners in the province. In this article, we will discuss some of the top Ontario small business grants to help businesses be more successful in 2021.
1. Starter Company Plus
Starter Company Plus is a grant provided by the Ontario government to help entrepreneurs start and grow their businesses. Eligible applicants can receive up to $5,000 in funding for their businesses. The grant helps cover expenses such as rent, marketing, and purchasing equipment.
2. Northern Ontario Heritage Fund
The Northern Ontario Heritage Fund provides financial assistance to small businesses in Northern Ontario. For new businesses, the fund offers up to $200,000 in grants and loans. Existing businesses may receive up to $500,000 in loans, including interest-free and unsecured loans.
3. Digital Main Street
Digital Main Street is a program designed to help businesses grow and succeed online. The program provides small businesses with funding, resources, and training to help them build a digital presence. Grants of up to $2,500 are available to help support businesses as they transition to digital platforms.
4. Canada Emergency Business Account (CEBA)
CEBA was a program designed to provide small businesses with interest-free loans of up to $40,000. The loan provided businesses with support during the COVID-19 pandemic. The government has since extended the program to provide businesses with an additional $20,000 in funding, of which $10,000 is forgivable if repaid by December 31, 2022.
5. Canada Emergency Rent Subsidy (CERS)
CERS is a program designed to provide rent- and mortgage-assistance to small businesses affected by the COVID-19 pandemic. The program offers eligible businesses a subsidy of up to 65% of their rent or mortgage payments, depending on the severity of the pandemic’s impact on their business.
In conclusion, small businesses in Ontario have access to many funding opportunities to help them overcome financial barriers. These grants can help businesses start up, grow, and succeed. By taking advantage of these programs and funding options, small business owners can focus on their operations and achieve their goals successfully.
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