So you’ve decided that small business ownership is for you; or perhaps you already have a small business you are looking to grow. Either way, you probably need funding to get you to the next step. Accessing small business grants in Ontario which are offered through the government is one of the ways to get your small business funded and moving in the right direction.
The only challenge with Ontario small business grants and loans is finding them, knowing if they are right for your business and the actual application process. So let’s get to know more about the funding options and get your small business prepared with some small business grant tips.
Before we get any further, the general public consensus is that small business grants in Ontario simply don’t exist. If you are one of those people, quick - get off that wagon and read on.
Government funding is 100% real, offered through various funding agencies of the local, provincial and federal government. In combination, they provide billions of dollars in funding each year to startup and existing small businesses all across Canada. Government funding comes in many forms, provides funding for nearly all industries of business and for many funding purposes which you will learn more about as you read on.
The Ontario government along with the Canadian government provides this government funding in order to help stimulate the economy, to create jobs and simply to give back to the people. The funding that is offered often comes in the form of small business grants, but can also be in the form of government loans, tax breaks or tax credits, incentives as well as training and consulting.
Who is eligible for small business grants in Ontario?
The big question! Who is eligible for government grants in Ontario?
Well truth be told there are hundreds of funding programs that help small business owners across Ontario; be it from the Ontario government or the Canadian government, however there is no real way of telling you who is eligible and who is not without first knowing about the specific program, or the program criteria and qualifications.
As each funding program in Ontario is different, the requirements and qualification or eligibility criteria vary from program to program.
The basic eligibility requirements that are the same for all funding programs in Ontario and the rest of Canada include:
- You must have a registered business (or be ready to register your business upon applying)
- You must be a Canadian citizen
- You must be in the valid industry (that the Canadian government recognizes)
- You must be seeking funding assistance for valid funding purposes
It is critical for a small business owner to also note that while small business grants in Ontario are available for various industries and funding needs, grants are not the only source of funding. Focusing your search on just grants will not end in as much success in obtaining funding as it would if you were to seek other types of funding programs as well such as loans, tax breaks, wage subsidies, etc.
The previously mentioned public consensus that small business grants and funding do not exist often arises in the section of who is eligible for funding. Often brought on by those who have applied and gotten denied for government funding, the belief forms that funding is not available. However, those who get denied funding by the Ontario government or the Canadian government are often denied for simple reasons such as:
- Not having a business
- Not completing the application forms properly
- Not having a business plan
- Applying to the wrong program
- Applying for way too much money
- Applying too late
- Applying for the wrong reasons
While funding is available, it is not available for everyone. So let’s take a minute to learn more about what funding is available for in Ontario.
What is small business funding in Ontario available for?
While many business owners get small business funding in Ontario, it does not mean that funding is available for everyone, in every industry and for every single purpose you can think of.
Government loans are much easier to obtain than government grants, simply because more programs offered by the government are loans, but they are also available for more funding purposes.
This is something to keep in mind when searching for Ontario grants (a wider range of programs are available when you do not just focus on government grant programs).
If you are thinking that you will simply apply for a government grant in order to update your pickup truck and get a brand new one, think again.
Government funding, specifically government grants, are handed out to business owners who show that they are using the funds to create jobs, to put back into the economy, to make a healthier and earth friendlier environment. Think hiring, training, eco friendly initiatives, technology, farming, etc. If you are looking to use grants towards advertising, renovation of your store, to buy a business, etc., this is most likely not going to happen, but still could depending on the program.
When searching for small business funding in Ontario keep in mind that funding may be available to help you:
- Startup or expand your small business
- Hire and train your employees
- Help you pay for employees
- Pay for marketing and advertising
- Pay for tools, equipment and supplies
- Help you improve cash flow
- Help you import and export
- And more
Now you know what small business grants and funding may be available for, the next step is actually finding the funding programs.
How to find small business grants and funding programs in Ontario?
One of the greatest challenges startups and existing business owners in Ontario have is actually locating the small business grants and other funding programs.
While the Ontario government website is a great resource, it does not provide users with an easy way to locate all of the available funding programs for small business owners in Ontario.
As a small business owner in Ontario, you may also be eligible for funding programs that are outside of Ontario but provide funding to Ontario small businesses. This is often a trick to use when you cannot locate funding in your own province, to remember that there are many funding programs that are federal and provide funding across the country.
When it comes to finding small business grants and other programs in Ontario, it is not as easy as just looking it up on Google. It is extremely hard since each funding program often is handled and managed by a different agency and each one of these programs or agencies have their own website and their own way of marketing, or not marketing, the page. Unless you know exactly where to look and how to look, you will never find the programs.
This is another reason why so many negative beliefs exist around small business government funding, especially in Ontario.
Many small business owners from within Ontario often turn to their local government, municipal offices and such in order to ask for small business grants or government funding and are often told no funding exists. However this is one of the first mistakes that people make.
A local office only knows local availability. Some may know a bit more, but they are not required to know much more.
Now think of it like this. Consider a small business owner from Burlington, Ontario who goes to the local municipal office and asks for a government grant. They will 99.9% of the time be told, sorry there is no government funding. This may be true for the city of Burlington, but is it true for other cities surrounding the area? Is it true for the rest of Ontario? Is it true for the rest of the Canadian government programs that provide funding across Canada, which may include the city of Burlington?
The problem is that nobody thinks that far out, so here is your chance to consider it all when searching for small business grants in Ontario.
The easiest way to find funding programs for your small business in Ontario is to simplify the search. Know exactly what you need funding for, know your industry and know when you need the funding by. This will give you a chance to narrow down your search. A highly recommended resource is to use the Funding Database offered by CanadaStartups.org, as it is the