The Government of Canada has grants available for individuals, small businesses, large corporations, and nonprofits. This rings true on the provincial and federal levels, giving Canadians a myriad of options in their search for grant funding.
For small businesses, each grant has its own eligibility criteria that you must meet in order to apply. First and foremost, to qualify for a small business grant, you must be a small business (shocking, we know). The Canadian government defines SMEs as companies with fewer than 500 employees. Beyond this, each program will have its own requirements. There are some consistencies between the eligibility requirements across grant programs – let’s take a look!
Eligibility requirements for small business grant funding in Canada:
You’ve probably noticed a common theme – eligibility requirements. Each program has its own criteria that applicants must meet that could vary slightly from the points listed above. That’s why it’s important to always read through the application guidelines carefully so you know what’s expected. At Granted, we take care of all of the leg work required to identify the right grants for Canadian SMEs.
Something that varies greatly between each grant is the financial requirements. Regardless of the grant, however, your business must be in good financial health. It’s common to provide balance sheets or income statements as part of an application. This serves to prove you have the financial resources to participate in the grant and help the program reach its objectives.
We often get questions about grant funding for startups. There are government programs to support startups, however, the scope is different from SMEs. To secure non-repayable funds (ie. grants), you’ll need to be established for at least 1-2 years; there are other funding opportunities available for startup activities such as applied research, product development, testing, proof of concept, and more. For more information on grants for startups, check out our blog.
The amount of funding you can get depends on the type of grant you’re applying for, and the specific program mandates. Each program will make this information very clear, and can usually be found on the first page of the website.