Quite a number of companies and businesses in Canada have benefited from the advantages of training grants for companies. For every company that is the recipient of a training grant in Vancouver, the sea of possibilities is endless. Even beyond the financial assistance that comes with a training grant, there are numerous other advantages that applying for and winning a training grant will bring for you and your company.
The concept of government training grants is not a new initiative. Training grants have existed in Canada for years, and millions have benefited from it. However, a sizeable percentage of business owners have failed to take advantage of this benefit. As a company, you should invest some resources into applying for training grants as you have nothing to lose and everything to gain.
The reason many companies in Vancouver do not apply for training grants is still unclear. One of the common reasons is some business owners do not know about the value that applications for training grants bring to their companies. While others are skeptical about their chances of winning the grant, others are not even enlightened about the concept of training grants in Canada and how they can access it.
However, if you ask all the companies in Canada that have applied for and won training grants in Canada, nothing but glowing recommendations will be their replies. Every year, thousands of companies in Vancouver are awarded training grants by the government.
Why not your company too? As a business owner, applying for training grants for your company is not complicated at all. We’ll walk you through it, but first, let us look at what precisely is a training grant.
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What is a Training Grant?
A training grant is an agreement with the government or the granter to provide funding for the sole purpose of assisting a person, a group of persons or a company acquire specific knowledge which will benefit the society at large in the long run. A training grant is the government’s way of aiding societal growth and development by contributing to the acquisition of useful skills by the citizens of that society.
Training grants are not just given out to people at will. You have to apply for a training grant by submitting some paperwork, after which there will be a shortlist period, and the eventual winner will be picked. Although anybody, business or institution can be given a training grant, you have to have an excellent reason for applying for one. Also, you must utilize the training grant you receive for the purpose for which it was given. Otherwise, you leave yourself open to breach of funding agreement requirements as a training grant is only bestowed upon signed agreement.
The bright side to receiving a training grant is that you do not have to return any of the cash you get. Unlike loans, grants are gifted, so as long as you adhere to the terms of the training grant, you get free financial assistance. Training grants are especially convenient for companies that wish to equip their employees for more training but cannot afford the extra expenses. It takes some of the financial load off your shoulders.
Training grants for companies in Vancouver is one of the means the government uses to aid company growth so that in the long run, they can be beneficial to the growth of the city and the country at large. We mentioned before that grants have to be applied for, but how? Keep reading to find out how you can secure a training grant for your company in Vancouver.
How to Apply for a Training Grant
The road to securing a training grant in Vancouver is a very straightforward one. Here are a few tips to guide you in applying for a training grant.
- Look for a training grant that is related to your company or that will help your company better achieve its set goals.
- Find out the terms and conditions that guide the training grant you are interested in and make sure you are eligible.
- Obtain an application form, fill it appropriately and submit it. Make sure that you state your reasons when asked and present them in a way that highlights the specific needs in your business.
- Note that the application for a training grant is absolutely free. Never pay to obtain a form or any information about a training grant. The entire process should not come at a charge.
- Finally, keep your fingers crossed and hope for the best. You can also track the progress of your grant application as sometimes the process of approval can take a while.
Training Grants for Companies in Vancouver
It is time you took advantage of the prime opportunities of training grants in Canada and for companies in Vancouver, to be precise. To help you secure a training grant for your company, we have compiled a list of some of the top training grants for companies in Vancouver.
You may now make your choice based on how well the grant suits your company goals. Here are the top training grants in Vancouver.
Apprenticeship Job Creation Tax Credit
This training grant is available to companies in Vancouver that have a provision for an apprenticeship program. Most companies do not like to pay apprentices during their training period.
In cases that they pay, only a fraction of the salary of the position for which the person is being trained is paid. The Apprenticeship Job Creation Tax Credit pays 10% of the wages of trainees during the first two years of their training period and can pay up to $2000 per year.
Annual PMI-VI Education Award
If your company requires any of its staff to receive training in project management, then you are the ideal benefactor of this grant. The grant entails a sum of $1000 earmarked as a contribution to the fees of any intending trainee that wishes to attend a master’s class in project management.
However, the grant is specific to the Vancouver Island chapter of the Project Management Institute. Other incentives for the trainee is a paid one-year membership to PMI both locally and nationwide. It may be important to note that the terms of the grant state that funds given out must be used to pay for tuition within one year.
Employer Training Grant
This training grant is particular to the city of Vancouver. All companies and business owners should take advantage of the prime opportunities this grant offers.
This grant has a six-year period during which it will cater to 60-100% of the training costs of any number of employees. But, it can not pay for more than $10,000 per head. This grant also offers some form of security for employees. After their training period, they are entitled to an increase in salary, a new job title and must have a job waiting for them.
Advantages of Training Grants
A training grant has so many benefits to both the companies and trainees involved. Here are some of the benefits
- Adequate knowledge and training can be acquired at a cheaper cost
- Any company that is a beneficiary of a training grant is immediately cast into the public eye, as winning a grant is a big deal.
- Customers tend to have more assurance in a company that has received a training grant from the government.
- Trainees get to meet like-minded people during training from where they can foster new relationships, business networking opportunities and even collaboration.
- Employers do not have to shoulder all the burden of the expenses and fees of getting their employees trained in relevant fields.
- In the long run, it will lead to higher productivity, and faster company growth as employees that are properly trained will be more effective and efficient.
Every company in Vancouver and Canada generally has the right to apply for training grants for companies. Irrespective of the nature and goals of your company, there is a training grant out there that will suit your needs perfectly.
All you have to do is find it and apply it to get it. Do you have further questions about training grants for companies in Vancouver and other cities in Canada? Please contact us.
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