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With the changes in the economy, many business owners are struggling to get a foothold on what they need to do to ensure their business is stable now and into the future.
As a business coach, I’ve seen some tremendous transformations when businesses have had the opportunity to hire outside help to guide them towards increased profitability and less stress.
To support businesses, our team has come up with 24 grants that your business might qualify for in helping you take it to the next level.
FEDERAL GRANTS
Canada Job Grant:TheCanada Job Grant (CJG) is a federal government funding program designed to reduce the costs of providing third-party skills training to new and existing employees. Launched in 2014, the Canada Job Grant allocates upwards of $194 million annually to support the upskilling of new and existing employees so they can learn new skills and become more valuable to their organizations.
Canada Small Business Financing Program:This is part of the Canada Small Business Financing Act and was created to help support business growth through business loans with competitive interest rates. Up to $1-million is available for business expansion activities, including the acquisition of a building, leasehold improvements, purchasing new or used equipment, and software components.
Strategic Innovation Fund:TheSIFis a federal government program uniquely targeted at Canada’s industrial and technology sectors. It offers financial contributions (both repayable and non-repayable) valued at up to 50 per cent of project costs, with the purpose of promoting investment into the types of activities that drive sustained productivity and economic benefits.
BRITISH COLUMBIA BUSINESS GRANTS
Canada-B.C. Job Grant:The B.C. Employer Training Grant program (ETG) supports skills training to address provincial labour market shortages. Reimbursement amounts vary between 60 and 100 per cent, depending on the training stream. Employers are eligible to receive up to $300,000 per fiscal year (April 1 to March 31).
Foundational Training Stream(government of Canada through the Canada-B.C. workforce development agreement):This stream supports unemployed and low-skilled British Columbians to gain essential, transferable and certified skills, in order to obtain good-paying jobs and increase job security. Under the Foundational Training Stream, employers may receive 100 per cent of eligible training costs, up to a maximum of $10,000 per participant per fiscal year.
Workforce Training stream(government of Canada through the Canada-B.C. workforce development agreement):This stream supports training relevant to the immediate needs of the business and the participant’s job. Under the Workforce Training Stream, employers may receive 60 per cent of eligible training costs, up to a maximum of $5,000 per participant per fiscal year.
Technical Training Stream:This stream supports employers to train current or new employees in technical skills in response to technological advancements. Under the Technical Training Stream, employers may receive 80 per cent of eligible training costs, up to a maximum of $10,000 per participant per fiscal year.
BUSINESS GRANTS NORTHERN BRITISH COLUMBIA
Competitive consulting grant:The Competitiveness Consulting Rebate program provides a rebate to small and medium-sized businesses engaged in manufacturing, innovative technologies, resource processing, transportation, distribution and their first-line suppliers for external business consulting projects. Projects must focus on increased productivity, new or incremental revenues, profitability and/or job creation.
COVID-19 Recovery Program:This program is designed to help businesses reduce the barrier to accessing professional expertise and recover the costs of third-party consulting projects. These types of projects must focus on ways to sustain businesses during the current economic downturn. The Small Business Recovery Consulting Rebate will reimburse small and medium sized businesses (operators) for contracted consulting services.
Northern Industries Innovation Fund:The NIIF program provides incremental funding to support innovation projects that increase the competitiveness of local businesses in traditional industries across northern B.C. The program is also intended to support economic diversification and/or viability of businesses to mitigate the economic impact of the pine beetle epidemic. NIIF supports applied research and development, new or improved products and services, and testing of innovative equipment or technologies to support capital investment decisions
Marketing Initiatives:The Marketing Initiatives program provides funding to support new marketing campaigns or projects that position a community or region to take advantage of opportunities that support economic vitality and diversification. These marketing projects must be new initiatives that stand alone from existing marketing activities.
GRANTS FOR WAGE SUBSIDIES
Industrial Research Assistance Program Youth Employment Program:This federal program helps your business create business or technology jobs for highly-skilled youth. It will pay a part of wage-related costs so you can hire young talent to work on innovation-related projects.
Venture for Canada partner opportunities:From short-term support to full-time hires, this program offers a wide of programs at various costs commitment levels. It provides students and recent grads with the entrepreneurial skills today’s Canadian startups and SMEs need.
Career Ready Program –TECHNATION:For employers within the technology sector (or related projects).
Innovate B.C. –Tech Co-op Grants:Get up to $20,000 per year in funding to hire co-op students through the Tech Co-op Grant, which is available for technology-based companies looking to grow or a non-tech company, organization or non-profit hiring for a tech role.
New Ventures B.C. –Innovator Skills Initiative Grant:Get up to $10,000 per year in funding to hire students through WIL programs (not including co-op), such as internships and work placements. Eligible employers are tech companies or tech-focused non-profits hiring for a business or tech role, or a business or non-profit hiring for a tech role.
Mitacs Accelerate:Mitacs Accelerate pairs businesses with masters and PhD interns to overcome innovation challenges. Interns complete research and develop tools, models, technology, or solutions to support the host business’ challenges.
GRANTS FOR RESEARCH
IRAP accelerated review process(ARP):The Industrial Research Assistance Program (IRAP)offers Canadian small business grants for any company committed to internal research and development. One such program is calledIRAP Accelerated Review Process (ARP), which covers as much as $50,000 towards a wide array of different projects so long as they are aimed at solving an internal technical challenge.
GRANTS FOR INDIGENOUS ENTREPRENEURS
Economic development fund:Participating First Nations can access this economic development fund that supports environmentally sound and sustainable economic development activities throughout the Great Bear Rainforest and Haida Gwaii.
Aboriginal Entrepreneurship Program;The Aboriginal Entrepreneurship Program(AEP) seeks to increase the number of viable businesses in Canada owned and controlled by Indigenous people. The AEP funds a broad range of entrepreneurial pursuits and aims to build capacity, reduce barriers and increase access to capital, by forging partnerships that will increase economic opportunities for First Nations, Inuit andMétispeople.
Money for Indigenous Tourism Businesses in Northern Canada: If you’re working on a project to enhance tourism experiences in your region or helping the community attract more visitors, you could get a maximum $100,000 non-repayable contribution for up to 50 per cent of your project’s costs or a maximum $500,000 repayable contribution for up to 75 per cent of the costs. If you’re also a non-profit, the contribution is most likely non-repayable.
OTHER GRANTS
Canada-Alberta Job Grant(CAJG):The Canada-Alberta Job Grant (CAJG) is an Alberta government funding program that offers training grants to employers. Through the program, companies may receive non-repayable funding from the government to purchase third-party business training programs, including training for in-demand skillsets. Training is expected to improve the employability and value employees can provide; including new hires in these training sessions can also maximize your funding potential.
The Canada-Ontario Job Grant(COJG):TheCOJGis anOntario government fundingprogram that offers training grants to employers. Through the program, companies may receive non-repayable funding from the government to purchase third-party business training programs, including training for in-demand skillsets. Training is expected to improve the employability and value employees can provide; including new hires in these training sessions can also maximize your funding potential.
By Dave Fuller
Dave Fuller, MBA, is an award-winning business coach and a partner withPivotleader Inc. Did we miss something? Email dave@pivotleader.com.
Courtesy of Troy Media.
FAQs
How much money is required for investor visa in Canada? ›
Start-up Business
a designated venture capital fund confirming that it is investing at least $200,000 in a qualifying business or two or more designated venture capital funds confirming that they are together investing a total of at least $200,000 in such a business; or.
Federal skilled workers immigrating to Canada can submit their bank statements or letters from financial institutions as proof of funds. These documents can also include current balance in joint accounts. Outstanding payments on loans and credit card debts should also be taken into account.
How do you get the government money to start a business? ›You can find small-business grants at government agencies, state organizations and private corporations. A few good places to start your search include the government database Grants.gov, your local Small Business Development Center and nonprofits such as the Local Initiatives Support Corp.
What are the requirements for Canadian business visa? ›- you plan to stay for less than 6 months.
- you don't plan to enter the Canadian labour market.
- your main place of business and source of income and profits is outside Canada.
- you have documents that support your application.
Anyone can buy securities under this exemption, but there are limits depending on whether they are an eligible or non-eligible investor. To qualify as an eligible investor, you must have: Net assets, alone or with a spouse, exceeding $400,000. Net income before tax.
How much money do I need to invest to qualify for the investor visas? ›If an enterprise is located in a "Targeted Employment Area" according to the USCIS, a capital investment of at least USD $800,000 is required to qualify for an EB-5 Visa. If the business is not located in a USCIS approved TEA, the capital investment must be at least USD $1.05 million.
How much bank balance is required for Canada visa? ›An individual living in Canada needs 1,230 CAD (INR 75,525 approx.) per month for their monthly expenses, and if an applicant is coming for tourism, then 2,000 CAD (INR 1,22,805 approx.) for 30 days per person is enough.
How much bank balance is required for Canada immigration? ›| Number of family members | Funds required (in Canadian dollars) |
|---|---|
| 1 | $13,310 |
| 2 | $16,570 |
| 3 | $20,371 |
| 4 | $24,733 |
...
Proof of Funds – Canada Express Entry.
| Number of Family Members | Funds Required (in Canadian dollars) 2021 |
|---|---|
| 1 | $13,213 |
| 2 | $16,449 |
| 3 | $20,222 |
| 4 | $24,553 |
The federal government does not offer grants for starting or growing a business. It only provides grants for nonprofit and educational institutions.
How do I get funding for a business with no money? ›
- Friends and family loans. Do you have a personal support network that can back your new business idea? ...
- Small business loans. Get larger amounts of money from a lender, like Shopify Capital, to go toward payroll, inventory funding, or marketing. ...
- Capital investors. ...
- Small business grants.
- Ask family and friends. The first people many startup entrepreneurs consider when they need investors are often their own friends and family. ...
- Look for equity financing sources. ...
- Apply for a small business administration loan. ...
- Find private investors.
The applicant must make a substantial investment to qualify for the E2 investor visa. However, the law does not state a minimum dollar amount. Generally, the applicant should be prepared to invest at least $100,000 US dollars in the enterprise to have a good E2 visa case.
How do I get an investor visa for Canada? ›- Establish or buy a Canadian company;
- Your Canadian company employs you;
- Apply for a work permit through a business immigration program;
- Operate your business in Canada for one year;
- Apply for permanent residency; and.
- Become eligible for Canadian citizenship.
While certain business types can startup with having small business startup costs of under $1,000, an average small business owner in Canada spends about $5,000 to $10,000 to initially start their small business.
Who qualifies as a qualified investor? ›Income: Has an annual income of at least $200,000, or $300,000 if combined with a spouse's income. This level of income should be sustained from year to year. Professional: Is a “knowledgeable employee” of certain investment funds or holds a valid Series 7, 65 or 82 license.
What qualifies you as an investor? ›In the U.S., an accredited investor is anyone who meets one of the below criteria: Individuals who have an income greater than $200,000 in each of the past two years or whose joint income with a spouse is greater than $300,000 for those years, and a reasonable expectation of the same income level in the current year.
How do I know if I qualify as an accredited investor? ›The SEC defines an accredited investor as either: an individual with gross income exceeding $200,000 in each of the two most recent years or joint income with a spouse or partner exceeding $300,000 for those years and a reasonable expectation of the same income level in the current year.
How long does an investor visa take? ›The average processing time for the EB-5 Visa is six months, and the initial application and petition are usually approved within 60 days from the date of filing. You will, however, have to also wait for the United States Citizenship and Immigration Services (“USCIS”) and Department of State to schedule an interview.
Can I start a business in Canada without PR? ›Can I start a business in Canada without PR? You do not have to be a Canadian permanent resident or citizen to register your company in Canada. However, you are not allowed to work in your business without having a valid work permit.
How much cash can I bring to Canada as a visitor? ›
There are no restrictions on the amount of money you can bring into or take out of Canada, nor is it illegal to do so. However, any time you cross the border, you must declare any currency or monetary instruments you have in your possession that are valued at CAN$10,000 or more.
Can we show gold as proof of funds for Canada? ›Gold valuation cannot be considered as funds as the value is variable. You need to take a loan against Gold or sell Gold to cash and deposit into your account as proof of funds. Once you get your visa, retrieve the funds and buy Gold again as your purpose is solved. Hope this helps.
What happens if you declare more than $10000 Canada? ›If you are sending $10,000 or more or its equivalent in a foreign currency from Canada by mail, you have to complete Form E667 and include it with the item being mailed, and mail or submit a completed copy of Form E667 to the nearest CBSA office at the same time or before you mail the package.
Can Canada immigration check your bank account? ›The Embassy does not check bank statement in case of every applicant. It is done on random basis or in case of doubt.
How much money do you need to be happy in Canada? ›How much money do you need to make to feel financially comfortable? According to the Canadians polled by financial services firm Edward Jones, the magic number is—wait for it—$250,000 per person, per year.
Do I need proof of funds to enter Canada? ›The border services officer may also ask for proof of funds. You must present a statement of your bank account issued no more than 1 week before your departure for Canada. It must clearly show that you have enough money to support yourself for the first 3 months of your stay in Canada (the equivalent of CAN$2,500).
How do you show proof of funds? ›Proof of funds usually comes in the form of a bank security or custody statement. These can be procured from your bank or the financial institution that holds your money. Bank statements are the most common document to use as POF and can typically be found online or at a bank branch.
What qualifies as proof of funds? ›Proof of funds refers to a document that demonstrates the ability of an individual or entity to pay for a specific transaction. A bank statement, security statement, or custody statement usually qualify as proof of funds. Proof of funds is typically required for a large transaction, such as the purchase of a house.
How much cash should I have on hand Canada? ›While you're working, we recommend you set aside at least $1,000 for emergencies to start and then build up to an amount that can cover three to six months of expenses. When you've retired, consider a cash reserve that might help cover one to two years of spending needs.
Do government grants have to be paid back? ›A grant is money that's given to your business by the government, a company or a philanthropist. Grants are essentially free money – you don't have to pay them back.
Does the government care about small businesses? ›
The Treasury Department is providing critical assistance to small businesses across the country, facilitating the urgent deployment of capital and support to help these organizations not just persevere, but recover on solid footing.
What is the fastest way to get money to start a business? ›- Freelance or Consulting.
- Online Coaching.
- Online Clothing Consignment.
- Create Online Courses.
- Start an Online Store (Ecommerce)
- Starting a Saas Product or App (Beta)
Getting a business loan while unemployed is possible but won't be easy since you'll need a solid business credit profile, which can take months or years for a business to build. Lenders require this to ensure you can meet payment deadlines.
How do small businesses get investors? ›- Start With Your Family and Friends.
- Seek an Introduction From One of Your Connections.
- Reach Out to Schools and Other Businesses in Your Industry.
- Try Crowdfunding Platforms.
- Be Strategic When Networking.
- Apply for a Small Business Administration Loan.
The three types of investors in a business are pre-investors, passive investors, and active investors. Pre-investors are those that are not professional investors. These include friends and family that are able to commit a small amount of capital towards your business.
Who is the best investors for a startup? ›Perhaps you want a guide through the process of creating a business. In that case, venture capitalists, angel investors, or private equity firms are likely more compatible with your startup funding. If your focus is purely to seek funding, you're more suited for things like microloans or crowdfunding.
How much investment is needed for business visa in Canada? ›Start-up Business
a designated venture capital fund confirming that it is investing at least $200,000 in a qualifying business or two or more designated venture capital funds confirming that they are together investing a total of at least $200,000 in such a business; or.
- Estonia.
- Norway & Svalbard.
- Australia.
- New Zealand.
- Germany.
- Netherlands.
- South Korea.
- Canada.
Designated organizations for start-up visa
Instead, those who meet the eligibility requirements must secure a minimum of $75,000 from a Canadian angel investor, or a minimum of $200,000 from a Canadian venture capital fund recognized by the government of Canada.
E2 visa cost – Canada
For investor present in USA – Form I-129 fee $460 (Form I-539 – $370 per dependent), 15 days premium processing at $1,440. Investor in Home-country – $205 fee per DS-160 form.
How much does an investor visa cost Canada? ›
If the investment comes from a designated Canadian venture capital fund, you must secure a minimum investment of $200,000. If the investment comes from a designated Canadian angel investor group, you must secure a minimum investment of $75,000.
How can I get sponsorship from Canada? ›You must send both your sponsorship application and the permanent residence application for your relatives at the same time. To apply as a sponsor, you must be at least 18 years of age and a: Canadian citizen or. person registered in Canada as an Indian under the Canadian Indian Act or.
How much cash should I keep in my business? ›What is the average amount of cash on hand for businesses? The common rule of thumb is for businesses to have a cash buffer of three to six months' worth of operating expenses. However, this amount can depend on many factors such as the industry, what stage the business is in, its goals, and access to funding.
How do I get money to start a business in Canada? ›- Friends and family. ...
- Financial institutions like a bank. ...
- Business Development Bank of Canada (BDC) ...
- Government programs and grants. ...
- Other entities: Nonprofits and community-based organizations. ...
- Investors. ...
- Crowdfunding.
According to Industry Canada, a small business is one that has 5 to 100 employees.
What is the minimum investment to get Canada PR? ›Federal start-up visa program.
Requirements for applicants: to attract an investment of $200,000 from a venture fund or $75,000 from a business angel from the accredited list; prove knowledge of English or French (CLB level 5); have sufficient means to live in Canada.
| Fees | CAD |
|---|---|
| Application Fees for Canada PR | $850 |
| For a secondary application (which can be your spouse's), the Fees remain the same | $850 |
| Each dependent child, the Fees is (below 22 Years) | $230 per child |
| Right of Permanent Residence Fees - RPRF (Landing Fees) , per adult | $515 |
Canadian government provides wealthy foreigners with the opportunity to obtain citizenship by investing in the country's economy. The investment program allows potential investors to receive permanent residency through the purchase of government bonds.
Can I go to Canada as a investor? ›The Canada investor visa is a program that allows immigrants to gain permanent residence or citizenship in Canada. In return, they have to make qualifying investments in Canada. This program either offers citizenship (golden passport) or permanent resident (golden visa).
Can I buy a house in Canada and get PR? ›Owning property in Canada does not give applicants for permanent residence any additional advantage. Applicants for economic immigration, based on work experience and education, still need to meet all eligibility requirements regardless of their country of nationality or any property ownership in Canada.
What is the fastest way to get Canadian citizenship? ›
Express Entry is Canada's fastest and most popular immigration program. Candidates that apply through the Express Entry system can receive permanent residence status as soon as six months.
What is the cheapest citizenship by investment? ›The Caribbean citizenship by investment are currently the cheapest CBI for individual investors and families. You can see the true costs of CBI by donation which is more affordable than real estate for many people. All in all, for one person Dominica and St Lucia are the cheapest.