Top 10 Business Grants Available for Canadian Entrepreneurs
Starting and scaling a business can be financially challenging, but Canadian entrepreneurs have access to a wide variety of grants and funding programs to help fuel their growth. These grants, provided by federal and provincial governments, focus on innovation, sustainability, job creation, and digital transformation. In 2024, entrepreneurs can take advantage of both general and sector-specific funding to move their businesses forward. Here’s a list of the top 10 business grants available to Canadian entrepreneurs in 2024.
1. Canada Small Business Financing Program (CSBFP)
The Canada Small Business Financing Program helps new and existing businesses access loans to cover a range of startup and expansion costs. While not a direct grant, it offers government-backed loans that reduce the risk for lenders.
Key Features:
- Loans of up to $1 million are available for buying or improving commercial property, purchasing equipment, or other essential investments.
- Ideal for startups and small businesses that need access to capital but may not have established credit.
How to Apply:
Applications are made through participating financial institutions. Businesses will need a strong business plan and financial projections.
2. Industrial Research Assistance Program (IRAP)
One of the most well-known government funding options for Canadian entrepreneurs, IRAP is designed for small and medium-sized businesses that focus on technological innovation and R&D. It helps businesses fund the research and development (R&D) needed to bring innovative products to market.
Key Features:
- Grants can cover up to 80% of labor costs and 50% of contractor costs for eligible projects.
- The program also provides advisory services through experienced industrial technology advisors.
How to Apply:
Applicants must demonstrate a clear R&D project plan with commercial potential. Contact an Industrial Technology Advisor (ITA) through the National Research Council (NRC) to start the process.
3. Canada Digital Adoption Program (CDAP)
The Canada Digital Adoption Program (CDAP) offers grants to help small and medium-sized businesses enhance their digital presence and adopt digital technologies.
Key Features:
- Grants of up to $15,000 to develop a digital adoption plan.
- Access to interest-free loans of up to $100,000 to implement digital strategies.
- Offers support from digital advisors to guide businesses through digital transformation.
How to Apply:
Business owners can apply online through the Innovation, Science, and Economic Development Canada (ISED) portal. They will need to demonstrate how the grant will be used to improve digital infrastructure.
4. Strategic Innovation Fund (SIF)
The Strategic Innovation Fund (SIF) provides funding to businesses that are working on large-scale projects, particularly in industries such as clean technology, health care, advanced manufacturing, and AI. This fund supports innovation and job creation in high-growth sectors.
Key Features:
- The fund covers up to 50% of eligible project costs, with no upper limit.
- Focuses on projects that have the potential to generate economic benefits, such as job creation and environmental sustainability.
How to Apply:
Applicants must provide a comprehensive business case, detailing the innovation, market potential, and economic impact of the project. The application is completed through Innovation, Science and Economic Development Canada (ISED).
5. Women Entrepreneurship Strategy (WES) Ecosystem Fund
The Women Entrepreneurship Strategy (WES) supports women-led businesses across Canada. This grant program is part of the government’s effort to increase the participation of women in the economy.
Key Features:
- Offers non-repayable funding to support women entrepreneurs through mentorship, networking, and business development.
- Grants can range from $10,000 to $100,000 for business growth activities.
How to Apply:
Eligible businesses must be at least 50% woman-owned. Applications are submitted online through Innovation, Science, and Economic Development Canada.
6. Sustainable Development Technology Canada (SDTC)
Sustainable Development Technology Canada (SDTC) provides funding for cleantech startups and entrepreneurs working on sustainability and environmental projects. This program supports projects that offer solutions to Canada’s most pressing environmental challenges.
Key Features:
- Grants of up to $3 million to support the commercialization of sustainable technologies.
- SDTC also provides advisory services to help businesses with scaling and market entry.
How to Apply:
Startups must demonstrate that their technology offers a sustainable solution with the potential for broad adoption. Applications can be submitted through the SDTC portal.
7. Canadian Agricultural Partnership (CAP)
The Canadian Agricultural Partnership (CAP) offers funding for entrepreneurs in the agriculture and agri-food sector. This program supports innovation in farming, sustainability, and food production.
Key Features:
- Provides grants for innovation, marketing, and expansion projects in agriculture.
- Available to farmers, producers, and agri-businesses across Canada.
- Grants vary by province but can cover up to 50% of project costs.
How to Apply:
Applications must be submitted through the provincial agricultural ministries. Projects must align with the goals of innovation, sustainability, and market growth.
8. Business Scale-up and Productivity (BSP) Program
The Business Scale-up and Productivity (BSP) Program is designed for high-growth businesses looking to scale. It provides funding for businesses that are ready to expand and improve productivity through technology adoption, infrastructure investment, or international market development.
Key Features:
- Covers up to 50% of project costs for eligible expansion activities.
- Focuses on sectors like manufacturing, technology, and innovation.
How to Apply:
The BSP program is administered by Canada’s Regional Development Agencies (e.g., FedDev Ontario, ACOA, Prairies Economic Development Canada), and applications are submitted through the regional agencies’ websites.
9. CanExport SMEs Program
The CanExport SMEs program helps small and medium-sized businesses explore new markets and export opportunities. The program provides financial support for businesses looking to expand their international presence.
Key Features:
- Grants of up to $50,000 to support market research, participation in trade shows, and business travel to explore international markets.
- Available to businesses with fewer than 500 employees and less than $100 million in annual revenue.
How to Apply:
Applications are completed through the Global Affairs Canada website. Businesses must demonstrate how the funds will be used to expand into foreign markets.
10. The Canada Job Grant
The Canada Job Grant helps businesses offset the cost of training new and existing employees. This program is ideal for companies that want to improve their workforce’s skills to meet evolving industry needs.
Key Features:
- Covers up to 66% of training costs, with a maximum of $10,000 per employee.
- Employers can choose any training program, provided it meets the grant’s criteria for skill development.
How to Apply:
Each province administers the Canada Job Grant independently, and application processes vary. Check your province’s guidelines for eligibility criteria and submission requirements.
Canadian entrepreneurs in 2024 have a variety of grants and funding options available to help them start, grow, and scale their businesses. From technology and innovation to sustainability and agriculture, these programs offer much-needed financial support to drive business success. By tapping into these resources, entrepreneurs can gain the capital and expertise they need to fuel their growth.