If you are growing your business operations, grants can help leverage your cash flow, reduce risk and get things done sooner. Developing and improving products; hiring and maintaining staff and going global is challenging, expensive and risky. The following 5 steps outline what type of activities will keep you competitive by way of leveraging government grants.
Talent acquisition is an integral part of the success of a business. For Canadian companies, there is a host of hiring grants and wage subsidies that can assist in hiring new talent. These grants can assist in intern programs and fellowships for Master or Ph.D. level grads, and even assist in full time hires. Funding can range anywhere from $7,500 upwards to $50,000.
Many businesses partake in skill development, but often overlook this grant program that can assist in defraying the cost. For SME’s with less than 100 staff, the Canada-Ontario Job Grant will fund 5/6 the cost of any 3rd party training. This training includes areas like sales, administration, leadership and technical.
If your business is looking to increase revenue by way of expanding into new foreign markets, CanExport may be able to assist. CanExport is a federal program that can assist in a wide range of costs associated with an international expansion where you are breaking into a new foreign country market. The funding covers 50% of marketing costs up to $50,000. Costs include travel, patent application costs, social media, and tradeshows. Depending on where your company operates in Canada, there may be other provincial programs that can assist.
The largest area to remain competitive is Innovation. IRAP (industrial research assistance program) is focused on funding R&D projects that relate to improving product, process or service and can cover 50% of a project cost all the way up to 10M in funding.
In addition to IRAP there is also the well know SR&ED tax credit program; superclusters and numerous provincial funds such as OCE and Alberta Innovates.
Understand the roadmap, and be strategic
As a first step knowing what government funding programs align with your past or future business plans can help you assess how grants can improve your competitiveness. Capitalizing on this will help leverage working capital, bank financing or private funding with less risk.