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.