Laura authors in-depth blogs for Ontario Business Central assisting entrepreneurs and business owners to start, manage and grow their businesses. She has almost 30 years of expertise as a corporate specialist and 25 years of being an entrepreneur. Laura has the unique position of supporting a community that she also belongs to. She walks the walk right along with you. You can find Laura on Linkedin and Twitter.
That can include real estate (a building your business is operating out of), land or the machinery needed to run your business. Ontario puts a big emphasis on capital investments for small businesses, so this is a good opportunity to seek some funding. Managing your resources There are other ways of managing your business resources that don't exactly require funding. These include the following: Tax credits — Reducing costs for your business should always be a priority. If there's a way to increase efficiency at a lower rate without compromising quality, then you should adopt that efficiency into your systems. Tax credits are one way of doing this. They're often given in return for operating in a way the Ontario government recognizes as advantageous to a community or the general economy. You can qualify for tax credits for hiring students, producing Canadian films, or even for your research and development (R&D). Wage subsidies — It's possible to get wage subsidies for everything from hiring internationally educated IT professionals, hiring Ontario tech grads, Indigenous youth or interns.
"This is taking away opportunities from small business, especially in a small community where they can be hard to come by, " she said. "These cuts do hurt – and not just one individual here and there. It hurts the whole community. "
Many small-business operators want government grants (i. e., funds provided to start or expand a qualifying small-to-medium-enterprise (SME) that do not need to be paid back). These grants are different from small-business loans, which do have to be paid back. Unfortunately, the federal government prefers to invest in small businesses by operating loans programs, or assistance programs, that involve some sort of shared contribution, rather than in small-business grant programs. Very Few Grants Are Actually Free Money Free money is what most people are after when looking for a grant, especially if they need money to start a business. Unfortunately, almost all the government grants available have strings attached. For instance, in many cases, small-business grants require a financial investment by the applicant. So, although the grant itself doesn't need to be paid back, in order to get the grant you have to put down your own money first. The funders see your investment as demonstrating a commitment.
Whether you're planning to grow your business, hire or train new employees, or even conduct essential research, Ontario has grants to accommodate your goals. And regardless of what stage your business is in, if you're able to secure funding through a grant, which is usually funds that don't need to be paid back, you must invest some time in exploring those options. Small business grants and financing options in Ontario While there are several business grants available, there tend to be very specific rules around which businesses can access these grants. It's important to take the time to read through the eligibility criteria for each one. It's not uncommon to spend hours and even days putting together a proposal only to find out that your business was never eligible to begin with. Grants are categorized into several sections. We'll list and each of these categories along with the specific opportunities below. Research and development — Small business funding in Ontario New business owners are often surprised just how much research goes into running a business.
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Some SBECs received program funding top-ups based on demand in their area. The concern is the loss of funding will reduce jobs and economic activity across the province. "At the end of the day, it's a service cut. It means the number of entrepreneurs we can serve is reduced, " says Chris Rickett, manager of entrepreneurship services at the City of Toronto, including the city's three small business centres. The decrease in funding, which varies for each of the 47 SBECs across the province, comes alongside other provincial government cuts made or expected at some of Canada's top innovation institutions such as the Ontario Centres of Excellence, according to a Globe and Mail report earlier this month. The Ford administration has been slashing costs across a number of ministries amid a promise to balance the provincial budget in five years. In an e-mail, Ontario Economic Development Ministry spokeswoman Sarah Letersky said the government recognizes the "value [SBECs] provide communities and job creators across the province, and that is why our government is continuing to provide funding. "
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More details will be available on the new "I Want to Help" platform shortly, including more detailed information about eligibility, the levels of funding available under the grant, how to apply for a national service position, and how applications will be assessed. Ontario Indigenous Travel Grant This grant can assist you with the cost of travelling between your remote First Nations community and UTSC. It can also assist you with the travel costs of your spouse or dependent children if they will be living with you while you study. See info here: Link: More details about the eligibility criteria and how to apply for this grant can be found on the OSAP website. Ontario Student Grant Distance Component Full-time students from remote and rural areas who incur travel costs as a result of attending a publically funded college or university in Ontario can apply on the OSAP website. Commuter grant is intended for full-time post-secondary students with who live 80 kilometres or more from the closest publicly-assisted college or university in Ontario.