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Grants and Subsidies (One-Time & Renewable)

Snapshot

Category:Grants and subsidiesNational:39
Regional:57Amounts:$1,500 - $500,000

When you receive this money, you don't have to pay it back. It's yours to use under the terms of the grant. The federal and state or territorial governments know that it's tough for small businesses like yours to bring new products to market, make your company more efficient, or hire employees. So they provide billions of dollars a year to aid Canadian product innovation and grow small businesses.

For example, the National Research Council Industrial Research Assistance Program (NRC/IRAP) provides non-repayable contributions (a fancy name for grants) to small and medium-sized Canadian businesses who are interested in growing by using technology to commercialize services, products and processes in Canadian and international markets.

Bruce Elliott, a self confessed "idea man" from the Northwest Territories, developed his concept for fibreglass telephone poles with help from IRAP. The program funded the salary of a senior engineer and provided grants to help assemble fabrication equipment to test new production methods.

The federal and state or territorial governments also recognize that some regions and business sectors need more economic development support than others. Businesses across the country are eligible for some of the billions of dollars in funding allotted for this development.

Small businesses accessing grant programs enjoy a bonus benefit: once you've successfully received funding, you're more likely to get additional grants from the same agency because you meet their program requirements.


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