We did some research into grants, funding and special loans available to startups and existing businesses in Canada when we were establishing Prasna IT. This is a compilation that we believe will be useful to entrepreneurs like us. Here’s a compilation of what we found.
Table of Contents
Loans
Young Entreprenur
- Your startup will get 20K funding by Futurepreneur Canada and 40K by BDC.
- Loans are collateral free.
- Payable over 5 years, interest only for the first year
- Program provides free mentorship
- And free templates to start your business
How to apply
- Apply at futureprenur.ca
A young entrepreneur is one in the age between 18 - 39.
Existing Entrepreneur
If you already have a business, you can avail the following:
- National Research Council Canada - https://nrc.canada.ca/en/support-technology-innovation/about-nrc-industrial-research-assistance-programuser-agent
Accelerate growth of small/medium sized businesses by providing funding for innovation
- Sustainable Technology Development Canada - https://www.sdtc.ca/en/
Funds cleantech startup 50k-100k non-repayable contribution
- SR and ED Tax Incentives - https://www.canada.ca/en/revenue-agency/services/scientific-research-experimental-development-tax-incentive-program/what-are-sred-tax-incentives.html
- Strategic Innovation Fund - Funds for proof of concept programs - https://ised-isde.canada.ca/site/strategic-innovation-fund/en
Entrepreneur with at least a 12 month old business
- Can get loans upto 250k
Principal postponement upto 12 months Can spend the funds on buying assets, investing in marketing, website or consulting and for line of credit
- Apply at bdc.ca
Entrepreneur 24 months old
- A variety of loans are available to you
Small business loan of 100k For commercial real estate purchase For technology financing For financing of technology companies
- Apply at bdc.ca
Entrepreneur export focussed
Canadian Goverment Grants
- Canada Digital Adoption Program (CDAP) - Helps businesses adopt digital techologies
- 2400 grant to setup an e-commerce sites -
- 15000 grant to boost business technology and upto 100k zero percent loan.
- Checkout https://ised-isde.canada.ca/site/canada-digital-adoption-program/en for more.
Further reading
- Starting a small business - https://smallbusinessbc.ca/starting-a-business
- How to become a digital advisor - https://ised-isde.canada.ca/site/canada-digital-adoption-program/en/become-digital-advisor
- Grant and funding from the Government of Canada - https://www.canada.ca/en/government/grants-funding.html
It’s never too late to start a business. Think of one today.
💖