Granted Consulting launched in 2010 because there were numerous government programs and support introduced to help businesses recover from the economic downturn of 2008, yet few knew what they were and how to access them. It is from this experience that I had high hopes that Budget 2021 would include both new funding and program extensions to help Canadian businesses recover from the impact of COVID.
As a grant consultant, I break down the budgets differently. Beyond the dollars, the direction that Canada is moving in is key to understanding both short- and long-term support. To understand how Budget 2021 impacts businesses like yours, you first have to know what is included. I’ve added in a few items that are relevant to business funding:
The 2021 Budget includes:
- Continued support for COVID impacted businesses by way of wage subsidies, rehiring staff subsidies, rental assistance, and recovery grant funding
- Combatting ‘She-cession’ with childcare support to achieve $10/day childcare by 2026;
- Boosting the Green Agenda with funding to make Canada more competitive in green innovation, invest in green retrofits, and incentivize zero-emission technologies through tax rate reductions;
- Job Creation for youth provides students, apprentices, and high growth industries with integrated learning opportunities to develop the next generation of Canadian talent;
- Digital Adoption programs to support Canadian businesses ability to leverage technology to further grow their online presence and e-commerce opportunities;
- Reduced credit card fees to help the small business community be more competitive as online transactions increase across Canada;
- Federal minimum wage increase to $15 to support low-wage workers and giving struggling Canadians a fair chance to join the middle class;
- Removing Barriers to Interprovincial Trade including identifying licensing and professional certification barriers and ensuring a competitive domestic marketplace;
- Develop improved transportation infrastructure to improve domestic trade routes and remove bottlenecks and congestion for greater efficiency;
- Invest in new technology and capital projects provide tax incentives to boost business recovery while improving productivity and protect digital and intellectual property assets;
- High-Growth sector funds for small businesses to increase diversity in their workforce and training to support industries such as clean energy, construction, and healthcare;
- Black, and Women and Equity Deserving Entrepreneurs support to increase access to financing, mentorship, and training; and
- Enhanced supplier diversity in government procurement with a particular focus on increasing procurement from black-owned and Indigenous-owned businesses.
What does this mean for your business? More in grants and support.
This pie chart excludes the COVID and Childcare budget items and focuses on programs geared towards the economic stimulus. While there are large budget numbers being highlighted in the 2021 Budget, the focus of this chart is to share a breakdown of amounts relevant to this fiscal year (Apr 1, 2021, to Mar 31, 2022).
Navigating grants has become more complicated in the last year. Numerous changes to programs and shifting budgets have resulted in businesses wondering if they missed out on new grants or if their grant funding could have been leveraged more successfully.
Curious about how Budget 2021 can benefit your business this year?