Small businesses are the backbone of the Ontario economy, and qualifying for government funding can give them the boost they need to get started or expand. Here are 10 ways to qualify for Ontario small business funding.
1. Get a business license or permit: You need to have a business license or permit to operate in the province of Ontario. Check with your local city or town hall to see what’s required.
2. Meet health and safety requirements: Your business must meet all provincial health and safety standards. Visit the Ministry of Labour website for more information.
3. Be a Canadian citizen or permanent resident: You must be a Canadian citizen or permanent resident to qualify for most government funding programs.
4. Have a valid Social Insurance Number (SIN): You need a SIN to apply for any government funding program.
5. Register your business: You must register your business with the Ontario Government before you can apply for any funding. You can do this online or in person at a ServiceOntario centre.
6. Have a business plan: Most government funding programs require you to have a business plan. This document will outline your business goals, strategies and financial projections.
Tools such as the Business Plan Builder can be of real help when creating a professional business plan that funding agencies across Ontario and Canada want to see.
7. Be in good standing with the government: Your business must be in good standing with all levels of government to qualify for funding. This includes having no outstanding taxes or debts owed to any level of government.
8. Meet sector-specific requirements: Some funding programs are specific to certain sectors, such as agriculture or tech. Make sure you meet any sector-specific requirements before applying.
9. Have a minimum level of activity: Most government funding programs require you to have a minimum level of activity, such as sales or employees. This helps ensure that the funding is going to businesses that are actively growing and creating jobs.
10. Meet any other eligibility requirements: Each government funding program has its own unique eligibility requirements. Make sure you understand all the requirements before applying.
Applying for government funding can be a complex process, but it’s worth it if you’re able to get the funding your business needs. Follow these steps and you’ll be on your way to qualifying for Ontario small business funding.
There are hundreds of available government grants, government loans and tax breaks in Ontario and across Canada that your small business may be eligible for. Be sure to review the Funding Database to access all available Ontario funding options.
Government funding is a valuable resource for small businesses in Ontario. In order to qualify, you must meet certain eligibility requirements, which can be daunting. However, by following the tips we’ve provided, you’ll increase your chances of securing the government funding your business needs.