As a small business in Toronto, starting 2022 after the pandemic is no easy task. However with the pandemic behind us, the city of Toronto, as well as the province of Ontario with the support of the federal government of Canada have created a number of small business grants to assist with the bounce back.
Many of these available small business grants for 2022 are not covid related, but on-going government support from the local Toronto government, provincial government of Ontario and the various federal agencies.
These funding options, while many are small business grants, can also come in the form of government loans, tax breaks, tax credits and assistance options.
In this article, we will be focusing on the Toronto Small Business Grants for 2022.
Toronto Small Business Grants 2022
The city of Toronto has a number of small business grant and funding programs that help businesses across Toronto and the GTA succeed with their business.
While grants often mean non repayable funding that the government has to offer, it is important to know that there are various government grant types.
Knowing the various types of small business government grants is crucial to ensuring you can pick the best funding option for your small business.
The various small business grants for 2022 include:
- Non repayable government grants
- One time and renewable government grants
- Partial contributions
These 3 government grant types are often the most popular and the most commonly offered grant options across Toronto.
Non Repayable Small Business Grants
The city of Toronto has several small business grants that are available to entrepreneurs looking to startup or expand their business. These government grants come in the form of a non repayable small business grant.
These grants are exactly what they sound like – non repayable.
Meaning, the money you obtain from the Toronto government agencies, is money you can use towards your small business but don’t have to pay back.
The non repayable government grants can be used for various funding purposes, however there are certain criteria that small businesses must meet in order to be eligible for the non repayable options.
To see all available government grants that are non repayable, consider using the Funding Database provided to Ontario residents in the Ontario Startups platform.
One Time and Renewable Government Grants
Another popular type of government grant programs in 2022 that many small businesses in Toronto are already using include the one time and renewable government grants.
These grant options are also considered non repayable options, however the reason for the “one time and renewable” name is due to the fact that these grants are often there to fund a specific purpose your business has – once, or on an on-going basis.
Most of these types of grants are hiring, wage support options, on-going training for employees..etc – as they may be occurring in a business.
While not everyone is eligible for a one time or renewable government grant, to ensure you can apply, it is a good idea to determine what your funding needs are in the first place, as the first step. Once this is done, it is key to figure out what each of the funding agencies providing the one time options actually focus on – and follow the lead.
Partial Grant Contributions
The partial government grants are another popular form of government grants that the city of Toronto and the province of Ontario is very keen on offering small business owners.
Much like the non repayable government grants, the partial grant contributions are free money that comes from the government towards a small business owner to use for various startup funding needs.
owever, the partial component of the grant is that the government provides a certain percentage of the needed funds, while you as the business owner has to come up with the rest.
In some cases the partial grants may ask for a 80/20 % rule; while in some cases it may be 50/50, or similar.
If you as a small business owner and you are unable to come up with the funds, you most likely will not be eligible for this type of funding option.
To see all government grants for small businesses in Toronto, consider using the Funding Database provided by Ontario Startups.
What can the Toronto Small Business Grants be used for?
With the availability of the various small business grants provided by the Toronto government, you may be asking “is my business eligible”, and if “what can you actually use the government grants for”?
If you are starting a small business in Toronto, or the GTA, you may be eligible for these grant options.
Most of the government grants that are handed out are provided based on a number of factors. These factors vary, however your location, industry and your specific funding needs are what is considered the most.
Majority of the funding options help with training costs, hiring staff, paying wages, going green and are used towards benefiting a business that has a greater purpose, or that serves more than just the business itself, such as the community the business is in, or the economy the business supports.
Need funding for your small business?
To determine which government grant your small business in Toronto may be eligible for, contact a Ontario Startups small business expert to get a narrowed down list.