5 hot grant funds that every small business owner should know about this summer.
With blue skies and sunny days comes a plethora of funding opportunities that strive to support the enhancement of businesses. Many of these opportunities are aimed at expanding the horizons of your small business through supporting investments that will benefit its growth and resilience within the economy.
GrantMatch has identified the five best Canadian funding programs that will help you take your small business to the next level this summer:
- Young Entrepreneur Loan
- Canada Small Business Financing Program
- Small Business Funding for Veterans
- Canadian International Innovation Program
- Start-Up Financing Program
Young Entrepreneur Loan (YEL)
If you’re an aspiring entrepreneur under the age of 40 looking to start or expand your business in the agriculture or agri-food sector, then the YEL can support you in your endeavour with up to $1.5 million!
With low-interest rates, this loan program encourages the purchase of shares and the improvement of businesses in these sectors to set you up for success. This access to capital will allow your business to take advantage of new opportunities, grow the economy, and create jobs. The YEL’s flexibility makes it ideal for entrepreneurs with no processing fees, preferential rates, and an 18-month window to make purchases.
Canada Small Business Financing Program (CSBFP)
Through the CSBFP the Canadian government aims to make it easier for your small business to acquire loans from financial institutions.
Supporting a wide range of sectors, small businesses or start-ups in Canada can qualify for a maximum funding of $1.15 million. Eligible businesses can receive a $1,000,000 term loan with a $150,000 line of credit to support investments in capital assets, equipment, or renovations. This opportunity can be accessed through various financial institutions such as banks, credit unions, and caisses populaires.
Small Business Funding for Veterans (SBFV)
There are many resources that strive to aid veteran-owned businesses and SBFV is one of them! SBFV aims to support Canadian veteran-owned small businesses in all industries and sectors by providing funding to develop growth initiatives such as hiring staff, equipment upgrades and improving marketing strategies.
This program specializes in providing flexible funding solutions that best suit your needs, allowing you to qualify for a loan from as little as $3,000 up to a maximum of $500,000. SBFV funding solutions include:
- Merchant Cash Advances
- Invoice Factoring
- Collateral Loans
- Business Line of Credit
Canadian International Innovation Program (CIIP)
This federal grant program aims to support innovative small businesses in collaborative industrial research and development projects with high potential for commercialization between Canada and partner countries.
Your for-profit small business may qualify for a grant that covers 50% of project costs up to $600,000. Your business can take advantage of this grant to support investments in technology adaptation, validation, and co-development initiatives that seek to develop new to improved product services.
CIIP will open a gateway for your business to access credible partners around the world, find new markets, and reduce risks related to market entry and technology development costs.
Start-Up Financing Program (SUFP)
Starting and scaling up a business is no easy task, especially when one of the biggest challenges for small businesses is qualifying for financing. However, with the Start-Up Financing Program, the Business Development Bank of Canada is here to help you overcome this hurdle.
SUFP aims to give aspiring entrepreneurs a leg up by providing loans to develop and grow their businesses. Small businesses that have operated for at least 12 months and have generated revenues can receive a loan of up to $250,000. This loan can help support you in development initiatives such as purchasing assets, paying start-up costs, market initiatives, and acquiring advisory services.
There is a wide range of funding opportunities available to support small business owners and entrepreneurs. These five flexible funding programs will help aid in the strategic growth of your small business and help you overcome the many challenges that business owners face.
Interested in signing up for ongoing, customized grant program matches? Consider the GrantMatch Hub.
To solve the challenges that many business owners face in determining which grant programs they may be eligible for, the GrantMatch team developed the GrantMatch Hub, a brand new, all-in-one platform that makes it easy to identify and apply for grants that fit your business. For as little as $25 per month (when you sign up for an annual subscription), you can access customized, continually updated program matches, clear program summaries, and more.
The sign-up process is simple:
Click here to create your account.
Start by filling out some basic information about your business (sector, number of employees, revenue range, etc.).
Choose between a monthly or annual subscription and complete checkout.
Explore what the platform has to offer and begin reviewing curated grant program matches for your business.
Receive new grant matches in your inbox as programs are introduced.
The GrantMatch Hub gives you the tools you need to succeed in securing funding.