Getting the Right Grant Funding for your Business
Finding the right funding programs for your business can be a challenge – to say the least!
As The Funding Portal points out: “There is a vast array of industrial stimulus programs offered by Canada’s federal, provincial and municipal governments”.
According to The Funding Portal’s “Industrial Stimulus Index”, Canada’s three branches of government disburse approximately $24 billion each year in funding to businesses and non-profits through grants, contributions, loans, vouchers, wage subsidies, and tax incentives.
Well, the good news is that the Greater Peterborough Innovation Cluster has launched its own “Grant List“: designed to help companies navigate their way through the complex world of applying for the right grant at the right time. The Cluster’s Grant List helps companies of all sizes dramatically reduce wasted effort and increase their chances of success in the application process.
For further information about the Grant List, or for guidance on applying for grants, please contact our Commercialisation Officer, Joseph Miller at: jmiller@innovationcluster.ca or direct on tel. no.: (705) 748-1011 x 7081.
For the purposes of clarifying some of the confusing terminology:
Grants are non-repayable financial contributions awarded by government.
Contributions are often repayable.
Although loans are more commonly associated with private financing, funds can also be loaned by a government agency to an organization, often with favourable repayment terms.
Vouchers are pre-paid funds flowing from a government agency to a research institution to conduct R&D, e-business or commercialization services on behalf of a business.
Wage subsidies represent funding to support all or part of an employee’s salary, and are generally applicable to persons with certain characteristics, such as students, interns, graduates, unemployed workers, people with disabilities, or aboriginal persons.
Finally, tax refunds and credits are a type of funding administered through the tax system to provide refunds or credits on eligible investments. The best-known tax incentive program is the $3.5-billion Scientific Research and Experimental Development (SR&ED) tax incentive, which supports R&D undertaken by Canadian businesses of all sizes and from all industry sectors.
Each of the more than 4,000 programs available to Canadians through these different funding instruments has its own set of objectives and eligibility criteria. While some funds may be open to all provinces and territories, others may focus solely on economic development in a certain region or even a certain city. Similarly, some funds may be open to businesses from all industry sectors and at all stages of growth, while others may be open only to innovative new tech start-ups, for example.
The Cluster’s Grant List is designed to help applicants overcome some of this confusion!
Companies can also make use the Portal’s free online search tool to perform a keyword search. To learn more: visit the Funding Portal website HERE!
About the Greater Peterborough Innovation Cluster
The Innovation Cluster is a not-for-profit organization that exists to bridge the gap between scientific research and business by bringing together talent, knowledge, and investment to drive innovation-based economic growth and high-tech job creation in the Peterborough region.
We support our clients with partnership development; intellectual property protection; publicity; and access to public and private investment.
We also partner with academia and industry and provide support to start-up technology companies and entrepreneurs to help take innovative ideas and processes to market and to foster an environment fueled by innovation.