Types of Government Funding Programs
Business improvement project expenses can be offset by Canadian government funding programs. Most growth and investment-oriented projects can benefit from these funding programs when used strategically. The most successful businesses develop a comprehensive funding strategy that covers all aspects of their business plan to maximize their funding potential while minimizing their financial commitment.
Explore the four categories of funding below on the Mentor Works, a Ryan Company’s, website:
Business Expansion and Exporting
Find business expansion grants, loans, and other incentives that are available to support businesses across Canada. These programs can help your business start exporting, open a new location, or assist with other strategic growth projects.
Hiring and Training
A business is only as strong as its team. If you are planning on expanding or developing your workforce, Canadian government grants are available for small business recruitment activities to ensure they have qualified workers and the requisite skills and capabilities to support ongoing and future business plans. Funding programs can help organizations hire or retrain staff, improve their effectiveness, and train their staff in new areas such as advanced technologies or operational processes.
Capital and Tech Adoption
Capital investment funding is available to support Canadian businesses’ focused technology and software adoption projects. Companies can access technology funding programs at both the federal and provincial level to offset project costs, which enables firms to purchase innovative technologies sooner than would have been possible by only using cashflows.
Research and Innovation
Research and development activities support innovation and enable Canadian companies to achieve competitive advantages over other domestic and international firms. These types of activities are not just available for research-focused companies and large businesses with substantial research and development (R&D) budgets but also for smaller companies that seek an edge over products and services that currently dominate the market. These kinds of R&D programs include Cleantech funding for zero-emission vehicles, the creation of new net-zero emission technologies, and more.