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Business Planning, Funding

A Deep Dive into Ontario Small Business Grants: Paving the Way to Entrepreneurial Success

The entrepreneurial journey is often as thrilling as it is challenging, especially in the early stages when financial support can make or break the venture. Recognizing this, the Ontario government offers a suite of grants designed to bolster small businesses, acknowledging their pivotal role in driving economic growth.

Don’t miss out on potential funding for your startup! Access our Funding Database and unlock over 1500 government grants, loans, and tax breaks in Ontario

This article takes a comprehensive look at the range of Ontario small business grants and their impact on stimulating business expansion in the province.

Ontario Small Business Investment Program Grants

  • Description: The Ontario Small Business Investment Program aims to give early-stage businesses a financial leg-up, stimulating growth at a critical juncture in their development. It focuses on sectors where Ontario has strategic growth opportunities, including manufacturing, technology, agriculture, and renewable energy.
  • Eligibility: The program caters to entrepreneurs with a robust business plan demonstrating a commitment to investment, job creation, and revenue generation within Ontario’s eligible sectors.
  • Benefits: Grants under this program can defray various eligible expenses integral to business growth. These include equipment purchases, hiring specialized consultants, implementing targeted marketing campaigns, and other business development initiatives.

Ontario Innovation Tax Credit

  • Description: Designed to spur innovation, the Ontario Innovation Tax Credit supports small businesses undertaking research and development (R&D) initiatives. It provides financial backing for eligible R&D expenses, helping businesses stay competitive in the rapidly evolving technological landscape.
  • Eligibility: Small businesses conducting qualified R&D within Ontario, focused on creating or improving products or processes, are eligible for this tax credit.
  • Benefits: Businesses can secure a tax credit of up to 8% on eligible R&D expenses. This can be used to offset tax liabilities in the current fiscal year or carried forward to future years, providing much-needed financial relief to burgeoning enterprises.

Ontario Exporters Fund

  • Description: The Ontario Exporters Fund boosts small businesses’ forays into international markets. The fund offers both financial aid and support services, helping businesses navigate the intricacies of export activities.
  • Eligibility: Ontario-based businesses that generate at least 10% of their total sales from exports qualify for this fund.
  • Benefits: The fund assists with various export-expansion activities such as market research, participation in international trade shows and missions, hiring export-specific consultants, and creating marketing materials tailored for foreign markets.

Ontario Youth Entrepreneurship Fund

  • Description: The Ontario Youth Entrepreneurship Fund focuses on fostering the entrepreneurial spirit in young Ontarians. It aids in both the inception and growth of businesses led by entrepreneurs aged 18-29.
  • Eligibility: Entrepreneurs aged 18-29 residing in Ontario with a viable business plan can apply for this fund.
  • Benefits: The fund caters to an array of start-up costs and provides young entrepreneurs with valuable resources such as mentoring programs, networking opportunities, and workshops focused on honing their business acumen.

Northern Ontario Heritage Fund Corporation (NOHFC)

  • Description: The NOHFC is committed to stimulating economic development in Northern Ontario. It offers financial support and business resources to aid regional growth and community development.
  • Eligibility: Entrepreneurs and businesses operating in Northern Ontario can tap into this fund.
  • Benefits: The fund encompasses various grant programs supporting business expansion, start-up costs, business partnerships, and community economic development initiatives. The quantum of funding varies based on the specifics of each project.

Ontario Capital Growth Corporation (OCGC) Funding Programs

  • Description: The OCGC offers a suite of funding programs aimed at different stages of business growth. Its primary focus is to facilitate small business’s access to capital, thus enhancing their growth prospects.
  • Eligibility: Small businesses operating in Ontario and meeting the criteria stipulated for each program can apply for these funds.
  • Benefits: The OCGC houses programs such as the Ontario Venture Capital Fund, the Ontario Municipal Employees Retirement System (OMERS) Ventures, and the Northleaf Venture Catalyst Fund. These initiatives provide the much-needed capital to scale businesses and access guidance from seasoned entrepreneurs and investors.

Ontario small business grants play an indispensable role in fueling the growth engine of the province’s economy. They provide comprehensive support for every phase of the entrepreneurial journey, from managing start-up costs to fostering innovation, aiding expansion into international markets, and facilitating capital access. Existing and budding entrepreneurs can capitalize on these diverse programs to overcome financial hurdles, accelerate growth, and enhance Ontario’s thriving business ecosystem. If you’re on the cusp of turning your business vision into a reality, it’s time to explore these grants and seize the opportunities they offer.

Different Types of Business Funding in Ontario

The Different Types of Business Funding in Ontario

As a business owner in Ontario, it is important to be aware of the different types of funding that are available to you. Depending on your business needs, there may be a number of different options that can help you get the funding you need. In this blog post, we will provide an overview of some of the most common types of business funding in Ontario.

Government Grants

One option for business funding in Ontario is government grants. Government grants are typically available for businesses that are working on research and development projects, or businesses that are expanding into new markets. To be eligible for a government grant, you will need to submit a proposal that outlines your project and how it will benefit the economy. If your proposal is approved, you will be awarded a grant that can be used to cover expenses related to your project.

To determine which government grants, government loans or tax breaks your small business may be eligible for, it is a good idea to review the Funding Database. It currently has over 1,500 funding programs and options for startups to consider.

Loans and Government Loans

Another option for business funding in Ontario is loans. Loans can be obtained from financial institutions like banks or credit unions or even the government of Ontario and federal government of Canada. The interest rate on loans varies depending on the lender, but it is typically lower than the interest rate on credit cards. When applying for a loan, you will need to provide financial statements and a business plan to the lender. If you are approved for a loan, you will be required to repay the loan over a period of time, with interest.

Venture Capital 

Venture capital is another source of funding that is available to businesses in Ontario. Venture capital firms invest money in businesses that they believe have high potential for growth. If you are able to secure funding from a venture capital firm, you will typically give up a portion of ownership in your company in exchange for the investment. 

There are many different options for business funding in Ontario. The best option for your business will depend on a number of factors, including the amount of money you need, the purpose of the funds, and your ability to repay any debt incurred. Be sure to do your research and speak with a professional before making any decisions about financing your business.

Typical government funding amounts

Typical government funding amount for a small business

When you are starting a small business in Ontario, having the capital that you need can mean the difference between success and failure.

The Ontario government provides funding programs to help cover your startup costs.

While not everybody is eligible to apply to these government funding programs, those that are can benefit from various program types.

The Ontario government funding program types include government grants, government loans, tax breaks and tax credits.

To apply to any government funding program one of the first things that you have to do for your own small business is complete a business plan.

Your business plan should be detailed enough that a funding agency should be able to understand your business model, what you want to accomplish, how much funding you need, and you must be able to show the potential, financially speaking which your business has.

Once your business plan is all sorted out, finding these government grant and government loan programs is the next step.

The Ontario government has hundreds of government funding programs available. Across Ontario alone these funding programs come from local governments, the Ontario provincial government and can also come through the federal government of Canada.

All government funding programs have their own criteria that you must meet in ordered to be an eligible applicant.

Most government funding agencies, they share a few similarities in terms of the factors that are looked at in order to provide you the potential funding.

Factors include your location, your industry and the amount of funding that you need and how you plan on spending these funds.

These key factors will help determine how much your eligible for.

What are the typical government funding amounts?

In Ontario, there are various government funding agencies. Each of these agencies offer different funding options.

Options depend on what your small business may require.

There is no typical funding amount that you can base your funding search on. Since every government program is different, every business owner’s expenses are different as well. The only way to determine how much you may be eligible for is to try and collect as much information as possible about the program itself.

Determine what the government funding program has in terms of maximum potential, or minimal requirement.

Some government funding programs may fund small business owners in the amount of $500,000 or more. While some may have a budget allowing them only to fund up to $5,000 per applicant.

To determine the funding availability, you do have to research the program you are applying for.

Knowing the specifics of how much they have available and how much they’re willing to fund at once is a good starting point.

A helpful tactic to determine how much you may be eligible for is to review previous success stories or successful applicant who have had a chance to deal with this program.

Since every business’s needs are different, don’t assume that you can get the same or even close to what somebody else has obtained. Instead focus on explaining your funding needs based on what it is that you actually need.

If you have two of the same type of businesses, in the same city and within the same industry, both needing money to purchase equipment, the chances are that they both may require a different funding amount – so never focus your needs based on another business, but your own.

There is no right or wrong answer in terms of how much funding you need.

The best strategy is to ensure that you break down your funding needs that is specifics of what you actually need money for within the first 3 to 6 months of operation.

These are the must have funding requirements in order for you to succeed.

If you have certain things that you would like to have funding for, but it’s not necessary within this
time frame, it is better postponing that expense until the next funding round or until your business is operational.

The less you ask for, the greater the chance of you obtaining that funds.

Some recent is some recent funding asks across Ontario:

● 23,000 for cleaning company
● 71,000 for farm
● 19,800 for app developer
● 27,730 for car dealership
● 77,500 for daycare
● $9500 for bakery shop at home
● 67,350 for medical device manufacturer
● $45000 for construction company
● 125,000 for education service
● $48,000 for restaurant

To see what Ontario government funding programs your small business may be eligible for and to have a better understanding of how much you should be asking for, contact an Ontario Startups expert.

Small Business Government Funding Uses

20+ Small Business Funding Uses that the Ontario Government Funds

20+ Small Business Funding Uses that the Ontario Government Funds

If you have ever wanted to start your own small business in Ontario, it is crucial to know that various government funding programs exist that help fund small business owners across Ontario.

These funds, government-provided, come via the various levels of government, including local government offices; the Ontario provincial government, and the federal government of Canada. They all funnel money towards small businesses and entrepreneurship in the province.

Knowing how to take advantage will give you a step up towards success by securing the needed funds for your business.

So; what does the Ontario government cover in terms of small business funding?

While the funding needs vary from business to business, the various agencies that fund Ontario small businesses focus on a number of activities, as they categorize them into 20+ different sections of “acceptable funds use”.

These 20+ different funding uses are not the only ones, but most others will fall into one of the mentioned categories.

20 Small Business Funding Uses that the Ontario Government Funds

Before you can apply for any funding in Ontario; be sure that you have a solid business plan completed. Your business plan should clearly explain your business model, show your business potential, list out the projected financial statements as well, breakdown your funding needs into the below-listed options:

  • Acquisition
  • Business Development
  • Training
  • Consulting Services
  • Financing Services
  • Product Development
  • Job Creation
  • Equipment
  • Trade Shows
  • Exploration
  • Evaluation
  • Business Planning
  • Operating Capital
  • Renovations
  • Expansion Capital
  • Marketing
  • Business Startup
  • Productivity
  • Research
  • Wage Support

Most funding needs that you as a small business owner may have, will fit into one of the above-mentioned funding uses.

Funding Tip:

When you are asking for funding from a government agency, it is always a good idea to break down your funding needs into the specific funding uses that are listed above. The more you can break down your needs, rather than ask for a lump sum, the more options you may be considered for.

As you apply for government funding, the various uses that the Ontario government may fund is crucial to know and understand; not only in your search for funding but in the application process as well.

It is also a good idea to avoid falling for the most common funding mistakes.

Common Government Funding Mistakes (and how to avoid them)

Simple mistakes are often the cause of many failed funding applications.

The Ontario government has a number of funding options available to help small business owners. In fact, there are hundreds of funding programs available and they constantly change as well.

The # 1 mistake business owners make when searching for funding is searching for a “too specific”, or “not specific enough” funding need.


I need $10,000 to start my business.

  • While this seems to be a very simple and easy-to-understand approach, a funding agency may look at it and say “no”. Why? Well, since there are many different funding agencies, not all fund the “startup process”. Some fund marketing costs, some equipment purchase, some cover wages of staff and potential employees..etc”; but not all do the same thing.

A better way to approach this type of scenario is to breakdown your funding needs:

I need $10,000 in funding to start my business. With that, the following breakdown will help me accomplish my goals. I need $2,500 to cover training costs; $5,000 to purchase equipment and another $2,500 to pay for some marketing expenses.

The same idea; but broken down, utilizing the funding uses mentioned. This can allow you as a small business owner to apply for 3 potential program options. Options that cover marketing; training costs and equipment purchase.

Another example of a common mistake is asking for funding and being too specific.

I need $5,000 in funding to pay for the ladder on my work van.

If you are to contact any funding agency in Ontario and ask for funding to pay for a ladder on your work van; you will most likely be denied – or explained that there is no funding for that.

They are not wrong. There is no funding for a ladder on a work van – but there is funding for equipment purchase.

The key to a successful funding application and funding search is patience and a choice of words.

Don’t be too specific and don’t be too broad in your request.

If you need help and guidance, asking an expert at Ontario Startups what you may be eligible for is a good idea.

Top 5 government grant funding requirement

Top 5 government grant funding requirement

As a small business in Ontario, you may have considered obtaining a government grant to help you with your small business start-up or expansion.

Government grants are available and are offered by the Ontario provincial government, as well as the federal government. These government grant programs are there to help small business owners succeed while creating and boosting the economy.

While every single government grant program offered is unique in its own way, some of the requirements including these top 5 usually remain the same across the board.

Knowing these 5 requirements to apply for government funding will ensure your chances of success of obtaining a government grant are much higher.

The top 5 government grant requirements include:

  •  The location you and your business are in
  •  The type of industry that your businesses in
  •  You’re funding requirements, or the specific needs that you have
  •  Your business plan
  •  The time of the year that you apply

Well, not all 5 requirements are required, the more of the requirements that you are able to meet, the greater your chances of success out of painting that grant will be.

Your location

One of the major funding requirements revolves around the location of your business.

This helps determine which funding agency you will be applying to. As government grants and funding can come from the local government, The Ontario provincial government, or the federal government of Canada, your location helps determine that.

Being specific in regards to your location when applying for government funding in grants will help determine and maximize your potential.

As a small business, you may be eligible for programs including those of the local provincial and federal government.

If you are unsure which programs you can apply for, including government grants, It’s a good idea to speak to an Ontario Startups expert.

Currently, the Ontario Startups funding database has over 1000 different government funding programs including government grants, government loans, tax breaks, and more. The experts also help you better understand the government grant funding requirements and how to apply.

Your industry

Just like your location, the industry that your business is in matters quite a lot.

Certain government programs will only fund specific industries. Being open or having an understanding of what industry you are in, your chances of success, and finding the relevant government grant will grow.

Some government agencies have a specific focus in mind. This focus may be on a specific industry. For example, many of the Alberta government grants will help within the agriculture or farming industry as this is more relevant to the community that they are in.

While there are different programs for different industries, some of these programs find multiple industries. There is a chance that your business will fit under multiple industries as well.

Your funding needs

One of the key factors that help determine your eligibility for a government grant, Is your need for funding.

  • How much do you need?
  • What do you needed for?
  • When do you need to by?

All of these are considered when factoring in which government grants you might be eligible for.

As mentioned each government agency has a different purpose. These purposes are how they focus on how they will dispuirse the available funds.

When applying for funding no matter what agency you are applying to, it is always a good idea to break down your funding needs.

Doing so will ensure that you can apply to multiple programs.

As an example, if your small business requires $200,000 start up funding, it is a lot easier to obtain that funding amount from various programs than from a single source.

To do so you have to break down your funding needs.

Instead of asking for $200,000 in a lump sum, you should break down the amount that you need into the specifics. How much do you need for your marketing costs, how much do you need for your equipment, how much do you need to cover your wages and so on and so on.

Remember when asking for funding it’s always a good idea to only ask for exactly what you need. Over asking may result in application denial. At the same time, asking for less than you need could result in your business not having enough capital to succeed.

If you need help determining how much funding to ask for, the Ontario Startups experts are there to help.

Your business plan

We talk about business plans a lot.

A business plan should be done. While it is optional, It really isn’t.

The majority of government funding agencies including those of government grants make it and make it a requirement that you apply with the business plan.

In most cases, nobody will give you funding for your business without having an understanding of your business plan or business model.

A business plan is created for multiple reasons. In this case, your business plan will be used as a document by the agencies to better understand your business model, your financials as well as to show your funding requirements.

While you can spend a few $1,000 paying for a professional business plan write-up,  it’s often not necessary. As long as you know how to put down your idea and briefly explain your requirements of a business plan, it will be good to go.

Using the Ontario Startups business plan builder tool will also help you develop your plan step-by-step and make it as per the expectation of government agencies.

Keep in mind that the Ontario Startups experts are also there to help you step-by-step through the process of building the perfect business plan that will help you with your government grant applications.

The time of the year

Deadlines that the various government agencies have can determine your likeliness of obtaining funding.

Are you applying too early, or are you applying too late; is a small factor, however one that determines the yes or no.

The majority of the government grant agencies have a deadline. These deadlines are set in place as a way for the government agency to properly budget.

Once the funds that are allocated are handed out to various business owners the government agency will close.

The closure might last a few weeks or a few months or the agency program may close for good. This all depends on the focus that the government agency has on that specific program.

When applying it’s always a good idea to check the program deadlines.

There are different ways government agencies check applications. Some, as soon as they get them so deadlines don’t really matter too much, but some do so at the end of the deadline, where the deadline is crucial.

The best way to ensure your success is to apply on time.

If you have a few days before the deadline is up, while you can risk it’s usually not worth the time.

The above are the top 5 government grant application factors that you have to consider. Keep in mind that each government grant agency has additional factors and requirements that you as a small business owner must meet. If you don’t meet the above requirements or don’t consider the above factors, your small business funding application may be denied

If you need guidance or need to have a better understanding and how government grants work, which grants you may be eligible for, or how to apply, the Ontario Startups experts are there to help.

Ontario Small Business Funding

Ontario government funding for small businesses

If you’re planning on starting a small business in Ontario, you are in luck.

The Ontario government provides government funding for small businesses across the province.

These funds considered government-provided are available and are there to help you start up, expand, and to grow your business while boosting the Ontario economy.

The goal of the government funding provided by the provincial-level government and the federal-level government is to create a stronger economy while boosting entrepreneurship and creating jobs.

In other words, you get the government money, use it for your business, succeed and hire staff, and then pay taxes.

It is a circle that keeps the Ontario government working to support all entrepreneurs.

Types of Ontario government funding for small businesses

The Ontario government provides funding to small business owners across the province in various forms of funding.

The most common include government grants, government loans, tax breaks and credits, and other contributions.

While there are other types of government funding available these are the most common and the most approved options for small businesses.

Ontario government funding

A government grant, for example,  is considered one of the best types of government funding that you’re a small business can get.

The different funding programs all have their own benefits to a small business owner.

In most cases, a government grant is free money. Money that you don’t have to repay back after you’ve received it and you can use it towards your various start-up costs and expenses.

A government Grant is also one of the most competitive types of programs to get into.

On the other hand, you have government loans which also vary but are far better than any bank loan.

These government loans can often come with no interest, low interest or have terms that are negotiable.

As a small business starting up obtaining a government loan from the government can help secure your business.

Certain government loans are also guaranteed loans. This means that the government of Ontario acts like a cosigner for your business.

If things were to go south, the government-guaranteed loan can have your back by paying as much as 85% of it for you.

Lastly the tax breaks in the credits.

These are excellent programs, despite often not being considered so due to the fact that you need to spend the money before you apply for a tax credit, but technically they are grants as well.

Tax breaks or tax credits, just like the ones when you do your taxes, can be applied to at the end of the year and you may be refunded an amount to cover certain expenses you had.

Applying for government funding in Ontario can ensure your success. If you need guidance and assistance on finding the most available government funding options consider using the funding database Provided by Ontario Startups.

Who is eligible for government funding in Ontario

All Ontario residents as long as they are starting a business or are looking to expand their business may be eligible to apply to government funding.

Certain factors may cause an issue, so speaking with the business expert or a funding expert and Ontario Startups we’ll ensure that you’re on the right track.

The certain expenses that you may be eligible to have covered by the various government funding programs in Ontario include the below:

  • The initial start up costs
  •  Your marketing budget
  •  Your stuff wages
  •  Training costs
  •  Your inventory and supplies
  •  Your equipment costs
  •  Certain renovation expenses
  •  And much more

If you are unsure which expenses the Ontario government options can fund , contact an Ontario Startups expert. They are there to assist you and to help you find available government funding programs in Ontario.

What is needed to qualify for a government funding program in Ontario

The requirements of applying to government funding in Ontario depend on the program.

Each government funding program in Ontario has its own criteria that you must follow in order to qualify.

Some of the most common criteria include having a strong business plan, being in the right province or location, having a business in the right industry, providing a detailed breakdown of exactly what you need funding for.

By following these few criteria’s you will be setting yourself apart from the rest and will remain on par with what is expected for most government funding agencies.

How much can you get in government funding in Ontario

As a small business starting up in Ontario the costs that you need to have covered will vary. Depending on how you break down your expenses based on what you need funding for you may be eligible for certain amounts from a number of programs.

Some business owners ask for a few $1,000, while others ask for a few $100,000. So, it all depends on the type of business, financials and funding requirements.

The Ontario Government has a number of great programs to help small business owners is succeeding. Take advantage of what is available and work with the funding expert to maximize your potential and to achieve success with your Ontario small business.

Government Grants vs Government Loans in Ontario

The difference between government grants and government loans

As you start a small business in Ontario, government funding options may be considered to help you get the capital required to start up.

The Ontario government has a number of different funding programs to help with this.

Knowing which programs are best suited for your type of business and the various funding areas funding needs can help you succeed

So what are the various government funding program types?

The most common include government grants, government loans, and tax breaks or also refer to as tax credits.

In this article, we’re going to be looking at the difference between government grants and government loans.

Government Grants versus Government Loans

Both government grants and government loans are provided by the various levels of the Canadian government. The funds can come from your local government, the provincial Ontario government, and via the federal government of Canada.

Wherever the money comes from, funds can be used to help your small business advance and pay for the various expenses you may have.

Government Grants

There are multiple types of government grants.

Not all government grants are made equal. But all government grants are non repayable.

There are a few different types of government grants including those of:

  • Non repayable government grants
  • One time and Renewable Grant
  • Partial contributions

 While other government grants exist, these are the top grant types.

Non repayable government grants

Just as they are called these types of government programs are non repayable. This means that the money that you are provided with to fund whatever requirement you have for your small business, the money does not need to go back.

The money is yours to do with what you wish as long as it covers the initial application requirements you applied for.

Failing to apply the funds towards a requirement that you initially stated could however result in a penalty and require you to pay the money back.

One time and renewable grants

The one time grants are usually funding programs that are created to fund at 1-time purchase or payment. These programs aren’t placed to get you a kick start with your business.

Generally, the one-time grant payments are made to help you hire staff, provide training, go green, and so on.

The renewable aspect comes in if you’re a larger company and you need to have these types of expenses ongoing, and require support.

Partial contributions

Another form of government grant that requires no repayment, however, most business owners try to shy away from this type of funding.

The partial contribution part requires that you as the business owner put in a portion of the funding towards your own business as well.

This way both you and the government agency providing you the funds share the same risk.

The percentage of the partial contribution may vary from program to program, business to business to business, and may have additional terms to meet in order to be eligible.

A government grant is always preferred. It is free money that you can use the start and boost your small business in Ontario. While not everybody can qualify for a government grant if you do, you are in luck.

Access the Ontario small business start-up platform and the funding database to see all available government grants as of today.

Government loans

If by chance you’re not eligible for any government grants,  government loans aren’t just as good if you need the funding.

The majority of government loans are far better than any private or bank loans. A government loan means money in your pocket to cover the needed expenses of your small business.

There are different types of government loans to consider,  And these include:

  •  Low interest loans
  •  No interest loans
  •  Conditionally repayable loans
  •  Government guaranteed loans

In a comparison of government grants and government loans, the loans are often much easier to obtain.

They have more options for you to consider and often have less strict requirements. Government loans can also be used for more types of expenses.

Low interest and no interest loans

These types of loans are provided by the government and also come from various levels of the government, including the local, provincial and federal governments of Canada.

While these are funds you have to pay back because they are still considered a loan, there are options that have very low-interest rates that make it easy to borrow. There are also programs that have no interest tied to the amount at all.

Conditionally repayable loans

Some of the best types of government loans are conditionally repayable loans.

While it is money that you have to pay back, terms are often negotiated, and conditions are placed to help you as a small business borrow smart.

Some of the conditions may vary however, conditions such as not having to repay any amount of funding until you are successful and making money, is potential. Other conditions may be, only having to repay after a certain time such as 5 years later.

Conditional loans are very much recommended and comparison to any other types of loans available.

Government guaranteed loans

Often government-guaranteed loans are confused with guaranteed loans. What that means is that most people will consider that they are instantly approved and guaranteed the funding no matter what –  however, that is not the case.

Guaranteed government loans mean that the government will be the co-signer on your loan. 

So if things go south with the business you are on the hook for a percentage, while the government covers the rest.

In certain cases, the government can cover as much as 85% of the loan.

These types of loans are preferred as it gives you a  protection layer and can ensure that if things go bad you have some security.

To see all available government loans for your Ontario small business, Try using the funding database provided by Ontario Startups.

As you can see there are different types of government grants and different types of government loans. Each program branches out into more, and the likeliness of funding depends on many factors but now you are better educated on the different types of government loans and the different types of government grants.

If you need guidance and assistance in determining what grandson loans are available for your business, But what you should consider 1st, speak to one Ontario Startups expert today.

Your Government Funding Questions

Your government funding questions answered

The Ontario government provides funding to small business owners and entrepreneurs across the province. In addition to that, The Canadian federal government and the various local governments provide funding as well.

As a small business owner trying to find these funds, it might get a bit confusing or time-consuming.

The funding available is scattered across over 1,500 different programs. These programs come from the various levels of the government, each with its own website, requirements, and a unique process to apply.

Getting expert help to find the available government-finding programs is definitely recommended.

Using tools such as the Funding Database provided by Ontario Startups will ensure that you have all of the options in one place. Saving you time, And a lot of frustration.

With all of the confusion around government funding programs in Ontario, below is a list of questions that commonly come in, so we thought we’d share.

Does government funding really exist in Ontario?

Government funding is real.

Each province has its own funding program. These programs are set in place to help boost the economy.

The government hands out the money in order to help you succeed with your business and then in return, they expect you to hire staff and to pay tax.

This creates a cycle. A cycle that is ongoing and helps support entrepreneurship across the province each year.

Funding comes in various forms including government, government loans, and tax breaks.

How much funding can my small business in Ontario get?

As a small business in Ontario applying to any government funding program you should go in with a few prerequisites. The most important one is to know how much funding you actually need.

While there is no maximum or minimum that a funding agency can provide you unless they specify, your funding needs should be based on your business plan and on how much you need to succeed.

While applying for a million dollars would be ideal, it does not mean that this is what you actually need within the 1st year of your business. Consider your start-up cost and evaluate what you need money for urgently. This is what you apply for first.

Funding agencies often have limits that generally sit around $25,0000. However, if asking for funding, it’s a good idea to break down your funding requirements into smaller amounts that are specific, so that way you can apply to multiple funding programs covering a larger range if needed.

How do I know if I will be eligible for any government funding in Ontario?

To find out if your small business in Ontario is eligible for any funding, you have to access the government funding program requirement.

Unless you know which program to apply to, working with an expert will help determine this.  Each government funding program has its own requirements that have to be met in order for you to be eligible.

Certain factors such as your location, your industry, and the specific funding needs that you have will be the ones determining your likeliness to apply successfully.

Why would the government give my business money?

The government supports entrepreneurship. With that in mind, the government gives funding to small business owners that are looking to succeed. In return, you spend the money locally, you hire local staff, you pay your taxes, and this cycle helps boost the economy, and ultimately creates a new round of funding for another business to obtain.

What if there is no program available for my business?

If you are looking for government funding in Ontario and you have no success finding any applicable programs, it doesn’t mean that they’re not there.

The government agencies often don’t promote their funding programs, and this means that they are extremely difficult to find.

But in the case that you are not eligible for any of the options, the good news is that the funding programs constantly change. So if you don’t qualify, tomorrow is another day.

Working with the expert will ensure that you stay on top of the funding search and then you are matched to programs that may help with your funding needs.

What is the maximum that I can get from the Ontario government?

There is no maximum amount that you can get in government funding. At least this is not very clear as each funding agency has its own maximum figures.

To ensure optimal success and then you get as much as you need, break down your funding needs and apply to multiple funding programs that cover each of those needs individually.

After I apply for funding how soon can I get the funds?

Once you have successfully completed a government funding application, and you have submitted it, it can take anywhere from 2 to 6 weeks on average to hear back.

The speed depends on a number of factors including the time of the year, program deadlines, number of applicants, and more. All of these factors can impact the speed of your applications and fund approval.

Do I have to pay back the government money?

Depending on the type of government funding you are applying to, it may require repayment.

The money that has to be repaid will come in the form of a government loan or similar.

Tax breaks, credits, and government grants are often the non-repayable funds.

Keep in mind however that if you use the government funding incorrectly, try to fool the system, you may be asked to pay all of the funds back with a penalty.

What do I need to have in order to apply to a government funding program?

In order to apply for government funding successfully, you have to complete the funding application provided by the agency. As each agency has its own criteria, these are the items your small business must meet in order to qualify.

Remember the key to a successful application starts with a completed business plan.

These are just a few of the questions that are our members have in regards the government funding for small businesses in Ontario.

If you have any questions of your own, be sure to ask.

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