Are there small business government grants that don’t have to be repaid available for Ontarians?
This question seems to often be the one that comes up in many of our discussions, forums and events. So to answer it, yes there are government grants that don’t have to be paid back.
How do I get access to the non-repayable government funding grants?
First let’s start of by saying that government funding is absolutely available to help small businesses all across Ontario startup, expand and grow their business. The Ontario government invests billions of dollars each year into ensuring small business owners succeed, and they do this by providing funding in the form of grants, loans and tax breaks. Some of the things funding may be available for include purchasing equipment, hiring and training staff, marketing & advertising, cash flow and more.
In order to get access to government grants that are non repayable, you will first have to figure out if you may be eligible. We highly recommend you don’t just focus on the non-repayable grants, but you should diversify in order to improve your chances of getting funding for your small business.
Before you go any further, take a look at the Funding Database. This database gives you access to over 1,500 funding sources which are both government and private.
To find out if you are eligible for a non repayable government grant for your small business, you need to do some research and see what funding is available in your province, your industry and for your funding needs.
If funding is available in the form of a non repayable grant, it doesn’t mean that you meet the criteria to apply, so be sure to research before you apply. Or, use the Funding Database mentioned above where most of the research is already done.
Is it really non repayable?
Non repayable government grants are exactly that – non repayable. These grants are given to those qualifying businesses across Ontario that meet the criteria. Often conditions are placed on the business owner to ensure that the grant provided goes towards the correct purpose.
If the funding agency you are dealing with approves a non repayable grant for you to purchase new equipment for your small business, you will have to ensure that the money you use is only for that purpose, unless the funding agency provided you funding for other purposes as well.
The only time you would be asked to pay back a non-repayable government grant is if you fail to meet the requirements of the non repayable grant. In this case, you are stuck paying it back often the same way as a loan.
Non repayable government funding is one of the best options to fund your small business. If you meet the criteria set forth by various funding agencies across Canada, and you are able to obtain it, you are able to use the money, improve your business and forget it.
Otherwise it is recommended to keep an open mind of other funding programs such as low interest or no interest government loans, government guaranteed loans, partial grant contributions and more. All of these funding programs can be seen in our Funding Database.
