Corpcentre's Blog

April 4, 2010

What Government Funding Can I Get for my Business?

If you are like most Canadians in business, you’ve probably wondered if you can ever get something back from the government, after you’ve paid all those taxes over the years. It seems only fair.

The best situation is discovering that you are eligible for a government grant or contribution. Grants do not need to be repaid and contributions are only repaid in certain cases. The problem is that these are few and far between. Generally, grants are available for specific programs and have very specific criteria. For the most part, grants usually are provided for specific industry sectors or for certain demographic groups.

On the other hand, there may be other government options that are applicable to your business. For example, you may be eligible for a government loan guarantee. This would enable you to get a loan that you might otherwise not receive approval for. With the government behind you, the bank will be far more willing to talk with you.

If you hire employees that have certain characteristics, you may be entitled to wage subsidies to help offset their salaries. Check with your tax advisor who is currently on the subsidy list and whether your business can benefit from these employees.

If your business makes certain investments, you may be entitled to a tax credit or refund. Check the current information with the relevant tax authorities.

If your business does not qualify for a commercial loan, you may be entitled to a loan from various government departments. Also, these government offices sometimes offer loans to businesses at lower rates than commercial lending institutions. A little research may save you some money.

In general, before assuming that your neighbourhood bank is the only lending option that you have, check what’s available from the government. You may be pleasantly surprised.

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6 Comments »

  1. Where should we look for it?I'm in Montréal CanadaThanksAlex

    Comment by Anonymous — April 13, 2010 @ 8:19 pm | Reply

  2. Here's a link to the government action plan and you can see what is available there to start off:http://actionplan.gc.ca/initiatives/eng/index.asp

    Comment by CorpCentre — April 13, 2010 @ 8:52 pm | Reply

  3. the problem is where to find these programs. Is there a specific link? I am in Vancouver?Thank youJoseph

    Comment by Joseph — April 13, 2010 @ 9:08 pm | Reply

  4. Hi Joseph,You can start with the above link and attempt to search based on what type of funding you are looking for and what you might qualify for; for example the size and location of your business, your industry, etc. This is just to say that there are loans and grants out there but if you search you might find :).

    Comment by CorpCentre — April 13, 2010 @ 11:32 pm | Reply

  5. where do you start looking for grants in manitoba

    Comment by norah — April 14, 2010 @ 5:14 am | Reply

  6. Dear Norah,Please see the above link to the Canada Action Plan in my previous comment -http://actionplan.gc.ca/initiatives/eng/index.asp Like I said, you have to search based on the criteria that apply to you and see what is available.

    Comment by CorpCentre — April 14, 2010 @ 12:07 pm | Reply


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