The Ontario government supports economic development through several small business grant programs, generally from local funding programs that focus on Ontario small business development projects.
There are typically three different types of grants and government financing programs, notably one-time and renewable business grants, partial contribution grants, and non-repayable contributions:
- One-time and renewable business grants provide direct support in the form of a lump sum paid to small businesses to cover start-up or expansion costs.
- Partial contribution government funding programs provide non-repayable funding on the condition that you contribute to your own.
- Non-repayable government funding programs provide non-repayable funding to small businesses, but the eligibility criteria are stricter than other forms. There are grants explicitly designed to support first nation communities or black business owners, research and development projects, or specific industries, e.g. the arts.
You can find information related to funding programs, small business grants, loans, and tax credits for small businesses on the government Funding Database to evaluate your options.
Looking for grant-based funding?
Have an approved government grant? You can get grant-based advance funding today to help complete your project milestones.
Grants For Small Businesses in Ontario
If you have a great business idea or need funding for business expansion, you can look at a few of these options:
The Northern Ontario Heritage Fund Corporation (NOHFC)
This grant provides small business funding of up to $200,000 or up to 50% of the total eligible costs to stabilize and diversify the economic development of the Northern Ontario region. Eligible projects are often centered around job creation and development projects in the area; eligible costs mainly include leasehold improvements, purchasing tools and equipment, training employees, IT and marketing expenses and so on. Visit https://nohfc.ca/ for more information.
Mitacs Accelerate Entrepreneur Grant
The Mitacs Accelerate Entrepreneur program provides small business funding to Ph.D. and graduate students who need support to fund their research and development or technology and get to market quickly.
All academic disciplines are welcome, but you must provide a Mitacs Accelerate proposal and Conflict of Interest Declaration along with a letter of support from a host. The program will provide at least 50% of your expenses, with a minimum of $10,000 for a four-month project when you need to find a host incubator facility. You can find out more by sending an email or by visiting https://www.mitacs.ca/en.
Looking for grant-based funding?
Have an approved government grant? You can get grant-based advance funding today to help complete your project milestones.
FedDev – Regional Innovation Ecosystem
The Ontario government provides the FedDev – Regional Innovation Ecosystem grant to not-for-profit organizations with project costs of between $500,000 to $10 million per project. Most of the projects and eligible expenses are centred around rural development, innovation and growth in Ontario. You can find out more on the FedDev website.
RISE Asset Development Small Business Grants
RISE Asset Development offers small business financing options, loans, mentoring and networking opportunities to entrepreneurs between the ages of 16 and 29 who have issues accessing funding and/or self-identify as living with mental health or addiction challenges. There is a peer-supported training program that offers free advice and the use of a refurbished laptop that takes place in Toronto and Mississauga. Graduates can choose between $300 or a laptop to get started. Funding of up to $10,000 is available. You can complete an application here.
Toronto Enterprise Fund
The Toronto Enterprise Fund supports social entrepreneurs with strong business plans and feasibility studies to launch their employment social enterprise (ESE). TEF offers support through catalyzing grants, webinars and workshops to help applicants compile their business plans and feasibility study. The grant provides a maximum amount of $100,000 over a three-year period. Interested parties can find out more at http://www.torontoenterprisefund.ca.
Ontario Creates Media Grant
Ontario Creates, an agency of the Ministry of Tourism, Culture and Sport, offers business grants and funding to support media development, including magazines, books, films, video games and television. Grants of up to $250,000 are provided through the funding program, with four different programs. You can learn more online here.
Have a question?
No business’ path to success and growth is the same. If you are ready to apply or would like to learn more about our funding, get in touch today.
BDC Indigenous Entrepreneur Program
The Bank of Canada offers a start-up financing program to support aboriginal businesses in Canada. First Nations entrepreneurs can secure financing to acquire fixed assets, cover franchise fees and start-up costs, or replenish working capital.
Financing is up to $350,000 and starts at $100,000 for entrepreneurs that qualify for the Start-Up Financing program above, but it only applies to businesses that have been operational for 12 months or more. Interested parties can apply online, call 1-877-232-2269 or send an email.
CommuniTech Fierce Founders
This funding program supports Canadian businesses founded by female or non-binary founders. Small business owners can join workshops and access up to $50,000 in funding through the program. You can find out more online at https://communitech.ca/how-we-help/fierce-founders/.
Women in Technology Venture Fund
The BDC established this fund to provide financial and business support to women in the technology sector in Ontario and its surrounds. The fund is open to businesses requiring different funding levels, from seed to Series B investment. The fund’s value is $200 million, and funding opportunities may vary. You can find out more online.
Industrial Innovation Venture Fund
Also established by the BDC, this fund provides venture capital to businesses seeking early-stage equity investment. To qualify, you will need to demonstrate market validation and support sectors of Canadian economic advantage, including manufacturing, agri- and food technology and extractive industries, like mining, oil and gas. You can find out more online or via email.
Looking for grant-based funding?
Have an approved government grant? You can get grant-based advance funding today to help complete your project milestones.
New Ontario Small Business Support Grant
The New Ontario Small Business Support Grant offers small business grants of between $10,000- $20,000 to help small business owners impacted by the COVID-19 pandemic. Businesses with fewer than 100 employees who experienced a demonstrable minimum 20% drop in revenue between April 2019 and April 2020 can apply. You can find out more online.
The SDTC Clean Tech Fund
The SDTC provides funding aimed at start-ups and scale-ups working in the fields of clean technology development. Eligible projects should demonstrate the potential to reduce GHG emissions, water consumption, or soil, water and air contamination. To be eligible, the technology in question must have evolved past the proof of concept stage but has to be pre-commercial. The non-repayable funding provided will cover up to 40% of eligible expenses, with an average contribution of $3 million dispersed across five years or less, but 25% of eligible expenses must be funded through private sector contribution, and Canadian government funding must not exceed 75% of total eligible costs.
You can find more information at www.sdtc.ca/en/cleantech-fund/.
The National Research Council of Canada – Ideation Fund
The National Research Council provides funding for businesses exploring transformative research ideas with external partners or SMEs. There are two mechanisms for funding, namely the New Beginnings Initiative and the Small Teams Initiative. Up $25,000 in operating funding is available for individual applicants, and an additional $25,000 of grant funding is available for their external collaborators.
The Small Teams Initiative supports research led by NRC teams working with external collaborators who possess complementary capabilities. Up to $1 million in operating funding and $1 million in grant and contribution funding are available. You can find out more online.
If you’re looking for funding opportunities and business advisory services in Ontario, Fundsquire offers innovative alternative cashflow financing for economic development. We can assist you with debt financing, including grant-based advance funding, providing your company with new ways to raise money and access non-dilutive funding, today.
