Canadian Government Support to Young Entrepreneurs and Existing Businesses

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

• checkout https://www.tradecommissioner.gc.ca/funding_support_programs-programmes_de_financement_de_soutien.aspx?lang=eng

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.

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