Government Funding Support for Canadian Businesses
The Canadian government provides government funding support to businesses across the country. This funding support comes in the form of government grants, government loans, tax breaks, tax credits and other types of financial contributions.
While not every small business is eligible to obtain government funding, it is possible if you meet the criteria, apply on time and have a business or business idea worth investing in.
While we focus on small business startups and growth, it’s nice to see how much our country and the different levels of the government support business growth in Canada. So here is a list of the top 15 Canadian businesses that got government funding support:
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Top 15 Canadian Businesses That Received Government Funding
- FCA Canada Inc (Chrysler) - $85,800,000 - Jobs and Prosperity Fund
- AE Côte-Nord Canada Bioenergy Inc. - $76,500,000 - SD Tech Fund; Investments in Forest Industry Transformation; Investissement Québec
- Enerkem Alberta Biofuels LP - $67,100,000 - SD Tech Fund; Western Innovation Initiative
- Bombardier Inc. - $54,150,000 - Technology Demonstration Program; Industry-Academic R&D Collaboration
- MDA Systems Ltd. - $54,000,000 - Contribution
- Tata Steel Minerals Ltd. - $50,000,000 - Loan
- IAMGOLD Corporation - $50,000,000 - Loan
- Calfrac Well Services - $46,400,000 - Heritage Fund
- TransAlta Renewables - $45,900,000 - Heritage Fund
- C.T.M.A. Traversier Ltee. - $43,179,221 - Contribution
- Produits Kruger - $39,500,000 - Loan
- Sonaca Montreal Inc - $23,250,000 - Loan; Quebec Economic Development Program; NRC-IRAP
- Nemaska Lithium Inc - $16,222,000 - Technoclimat; SD Tech Fund; NRC-IRAP
- Fruit d’or Inc. - $15,654,250 - AgriInnovation; Loan; NRC-IRAP
- Hanwha L&C Canada Inc. - $15,000,000 - Investing in Business Growth and Productivity
Eligibility for Government Funding
To be eligible for government funding your small business has to meet the criteria set forth by each funding agency. Some of the more general criteria that is considered for government funding includes your personal and business credit score, your business plan, location, industry, funding needs, etc.
While the above 15 companies have larger amounts that they qualified and obtained, the typical funding for a small business in Canada is as little as $1,500 to $1,000,000. Again, this depends on the specific funding agency as well as your business needs.
How Funding Can Be Used
Funding may be available to help you startup, hire and train staff, purchase tools and equipment, pay for renovation and fixtures, pay for marketing and advertising, for R&D as well as to improve cash flow.
Find out if you may be eligible for your own small business by accessing our Funding Database which currently has over 1,500 funding sources including government programs as well as private investors.