{"id":3172,"date":"2023-10-03T03:50:33","date_gmt":"2023-10-03T03:50:33","guid":{"rendered":"https:\/\/ownrblog-preprod.go-vip.net\/?p=3172"},"modified":"2023-12-07T13:53:05","modified_gmt":"2023-12-07T13:53:05","slug":"small-business-grants-in-ontario","status":"publish","type":"post","link":"https:\/\/www.ownr.co\/blog\/small-business-grants-in-ontario\/","title":{"rendered":"Small Business Grants in Ontario"},"content":{"rendered":" \r\n<p>Whether you\u2019re planning to grow your business, hire or train new employees, or even conduct essential research, Ontario has grants to accommodate your goals. And regardless of what stage your business is in, if you\u2019re able to secure funding through a grant, which is usually funds that don\u2019t need to be paid back, you must invest some time in exploring those options.<\/p>\r\n<hr class=\"wp-block-separator is-style-wide\"\/>\r\n \r\n \r\n<h2>Small business grants and financing options in Ontario&nbsp;<\/h2>\r\n \r\n \r\n<p>While there are several business grants available, there tend to be very specific rules around which businesses can access these grants. It\u2019s important to take the time to read through the eligibility criteria for each one. It\u2019s not uncommon to spend hours and even days putting together a proposal only to find out that your business was never eligible to begin with.&nbsp;&nbsp;<\/p> \r\n<p>Grants are categorized into several sections. We\u2019ll list and each of these categories along with the specific opportunities below.&nbsp;<\/p> \r\n \r\n \r\n \r\n<h3>Research and development \u2014 Small business funding in Ontario&nbsp;<\/h3>\r\n \r\n \r\n<p>New business owners are often surprised just how much research goes into running a business. Particularly if you\u2019re building new technologies, research and development play a major role in how effective your product will be to consumers. Here is a list of Ontario funding opportunities specified for research and development:&nbsp;<\/p>\r\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\r\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"> \r\n<ul><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/research-development\/alberta-innovates-aop\/\&quot;">Alberta-Ontario Innovation Program<\/a><\/li><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/research-development\/avin-wintertech\/\&quot;">Autonomous Vehicle Innovation Network (AVIN) WinterTech Development Program<\/a><\/li><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/business-expansion\/business-scaleup-productivity-ontario\/\&quot;">Business Scale-up and Productivity Program (BSP) Southern Ontario<\/a><\/li><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/research-development\/canadian-international-innovation-program\/\&quot;">Canadian International Innovation Program (CIIP)<\/a><\/li><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/business-expansion\/cmf-experimental\/\&quot;">Canada Media Fund: Experimental Stream<\/a><\/li><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/capital-investment\/dairy-processing-investment-fund-dpif\/\&quot;">Dairy Processing Investment Fund (DPIF)<\/a><\/li><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/research-development\/encqor-5g-sme-technology-development-program\/\&quot;">ENCQOR 5G SME Technology Development Program (5G SDP)<\/a><\/li><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/research-development\/health-technologies-fund\/\&quot;">Health Technologies Fund (HTF)<\/a><\/li><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/research-development\/ieso-conservation-fund\/\&quot;">IESO Conservation Fund<\/a><\/li><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/research-development\/ideas-program\/\&quot;">Innovation for Defence Excellence and Security (IDEaS)<\/a><\/li><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/research-development\/innovative-solutions-canada\/\&quot;">Innovative Solutions Canada (ISC)<\/a><\/li><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/research-development\/interactive-digital-media-fund\/\&quot;">Interactive Digital Media (IDM) Fund<\/a><\/li><\/ul>\r\n <\/div>\r\n\r\n\r\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"> \r\n<ul><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/business-expansion\/ontario-interactive-digital-media-tax-credit\/\&quot;">Interactive Digital Media Tax Credit (OIDMTC)<\/a><\/li><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/business-expansion\/irap-arp\/\&quot;">IRAP Accelerated Review Process (ARP)<\/a><\/li><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/research-development\/irap-midsize-research-grants\/\&quot;">IRAP Mid-Size Projects<\/a><\/li><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/business-expansion\/mars-investment-accelerator-fund\/\&quot;">MaRS \u2013 Investment Accelerator Fund<\/a><\/li><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/business-expansion\/ric\&quot;">MaRS \u2013 Regional Innovation Centres<\/a><\/li><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/research-development\/mitacs-program-accelerate-ontario-program\/\&quot;">MITACS Accelerate<\/a><\/li><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/research-development\/mitacs-accelerate-phd\/\&quot;">MITACS-Accelerate Ph.D. Fellowship<\/a><\/li><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/research-development\/mitacs-elevate\/\&quot;">MITACS Elevate<\/a><\/li><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/business-expansion\/nohfc-programs\/\&quot;">Northern Ontario Heritage Foundation Corporation Programs<\/a><\/li><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/research-development\/nserc-engage\/\&quot;">NSERC Engage (4-6 mth)<\/a>&nbsp;&amp;&nbsp;<a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/research-development\/nserc-crd\/\&quot;">NSERC CRD (1-5 yrs)<\/a><\/li><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/research-development\/oce-customer-demonstration-program\/\&quot;">OCE Customer Demonstration Program<\/a><\/li><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/business-expansion\/oce-voucher-program\/\&quot;">OCE Voucher Programs<\/a><\/li><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/capital-investment\/sd-tech-fund\/\&quot;">SD Tech Fund<\/a><\/li><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/capital-investment\/strategic-innovation-fund\/\&quot;">Strategic Innovation Fund (SIF)<\/a><\/li><\/ul>\r\n <\/div>\r\n<\/div>\r\n\r\n \r\n<h3>Business expansion \u2014 Ontario grants and loans&nbsp;<\/h3>\r\n \r\n \r\n<p>If you\u2019re looking to expand your business, these are the grants you should be looking at. <\/p> \r\n<p>Expansion can mean different things. Maybe you\u2019re expanding into another part of the country. Maybe you\u2019re expanding to a different country altogether. Again, it\u2019s important to read through each funding opportunity to understand what is allowed and not allowed should you secure the funds.&nbsp;<\/p>\r\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\r\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"> \r\n<ul><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/business-expansion\/business-scaleup-productivity-ontario\/\&quot;">Business Scale-up and Productivity Program (BSP) Southern Ontario<\/a><\/li><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/business-expansion\/cmf-experimental\/\&quot;">Canada Media Fund: Experimental Stream<\/a><\/li><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/research-development\/canadian-international-innovation-program\/\&quot;">Canadian International Innovation Program (CIIP)<\/a><\/li><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/business-expansion\/canada-small-business-financing-program\/\&quot;">Canada Small Business Financing Program (CSBFP)<\/a><\/li><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/business-expansion\/canexport\/\&quot;">CanExport<\/a><\/li><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/business-expansion\/cdmn-soft-landing-program\/\&quot;">CDMN Soft Landing Program<\/a><\/li><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/capital-investment\/dairy-processing-investment-fund-dpif\/\&quot;">Dairy Processing Investment Fund (DPIF)<\/a><\/li><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/business-expansion\/eodf\/\&quot;">Eastern Ontario Development Fund (EODF)<\/a><\/li><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/funding-regions\/ontario\/what-we-offer\/government-funding\/research-development\/ieso-conservation-fund\/\&quot;">IESO Conservation Fund<\/a><\/li><\/ul>\r\n <\/div>\r\n\r\n\r\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"> \r\n<ul><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/business-expansion\/iaf\&quot;">MaRS Investment Accelerator Fund<\/a><\/li><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/business-expansion\/nohfc-programs\/\&quot;">Northern Ontario Heritage Foundation Corporation Programs<\/a><\/li><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/business-expansion\/oce-market-readiness\/\&quot;">OCE Market Readiness Program<\/a><\/li><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/business-expansion\/oce-voucher-program\/\&quot;">OCE Voucher Programs<\/a><\/li><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/business-expansion\/regional-innovation-ecosystem-rie\/\&quot;">Regional Innovation Ecosystem (RIE)<\/a><\/li><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/business-expansion\/red\/\&quot;">Rural Economic Development (RED)<\/a><\/li><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/business-expansion\/southwestern-ontario-development-fund-swodf\/\&quot;">Southwestern Ontario Development Fund (SWODF)<\/a><\/li><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/capital-investment\/strategic-innovation-fund\/\&quot;">Strategic Innovation Fund (SIF)<\/a><\/li><\/ul>\r\n <\/div>\r\n<\/div>\r\n\r\n \r\n<h3>Ontario grants to hire and train employees&nbsp;&nbsp;<\/h3>\r\n \r\n \r\n<p>Hiring and training employees is one of the keys to sustaining your business. <\/p> \r\n<p>You need a refined system for recruiting and keeping talent, which will include onboarding, training and some type of development. High turnover can be costly, which is why grants like these were developed:&nbsp;<\/p>\r\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\r\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"> \r\n<ul><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/human-resources-and-training\/apprenticeship-job-creation-tax-credit\/\&quot;">Apprenticeship Job Creation Tax Credit<\/a><\/li><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/human-resources-and-training\/cojg\/\&quot;">Canada-Ontario Job Grant (COJG)<\/a><\/li><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/human-resources-and-training\/connect-canada\/\&quot;">Connect Canada Internship<\/a><\/li><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/human-resources-and-training\/feddev-ontario-training-program-south\&quot;">FedDev Ontario Training Program<\/a><\/li><\/ul>\r\n <\/div>\r\n\r\n\r\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"> \r\n<ul><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/research-development\/mitacs-accelerate\/\&quot;">Mitacs Accelerate<\/a><\/li><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/human-resources-and-training\/northern-ontario-internship-program\/\&quot;">Northern Ontario Internship Program<\/a><\/li><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/research-development\/nserc\/\&quot;">NSERC<\/a><\/li><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/human-resources-and-training\/youth-employment-program\/\&quot;">Youth Employment Program (IRAP)<\/a><\/li><\/ul>\r\n <\/div>\r\n<\/div>\r\n\r\n \r\n<h3>Capital investment grants in Ontario&nbsp;<\/h3>\r\n \r\n \r\n<p>To be clear, funds from capital investments are meant to be used to purchase fixed assets. That can include real estate (a building your business is operating out of), land or the machinery needed to run your business. Ontario puts a big emphasis on capital investments for small businesses, so this is a good opportunity to seek some funding.&nbsp;<\/p>\r\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\r\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"> \r\n<ul><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/business-expansion\/business-scaleup-productivity-ontario\/\&quot;">Business Scale-up and Productivity Program (BSP) Southern Ontario<\/a><\/li><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/capital-investment\/dairy-processing-investment-fund-dpif\/\&quot;">Dairy Processing Investment Fund (DPIF)<\/a><\/li><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/business-expansion\/eodf\/\&quot;">Eastern Ontario Development Fund (EODF)<\/a><\/li><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/business-expansion\/nohfc-programs\/\&quot;">Northern Ontario Heritage Foundation Corporation (NOHFC)<\/a><\/li><\/ul>\r\n <\/div>\r\n\r\n\r\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"> \r\n<ul><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/capital-investment\/ontario-automotive-modernization-program\/\&quot;">Ontario Automotive Modernization Program (O-AMP)<\/a><\/li><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/business-expansion\/southwestern-ontario-development-fund-swodf\/\&quot;">Southwestern Ontario Development Fund (SWODF)<\/a><\/li><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/capital-investment\/sd-tech-fund-sustainable-development-technology-canada\/\&quot;">SD Tech Fund<\/a><\/li><li><a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/www.mentorworks.ca\/what-we-offer\/government-funding\/capital-investment\/strategic-innovation-fund\/\&quot;">Strategic Innovation Fund (SIF)<\/a><\/li><\/ul>\r\n <\/div>\r\n<\/div>\r\n\r\n \r\n<h2>Managing your resources&nbsp;<\/h2>\r\n \r\n \r\n<p>There are other ways of managing your business resources that don\u2019t exactly require funding. These include the following:&nbsp;<\/p> \r\n<ul><li><strong>Tax credits<\/strong> \u2014 Reducing costs for your business should always be a priority. If there\u2019s a way to increase efficiency at a lower rate without compromising quality, then you should adopt that efficiency into your systems.&nbsp;<a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/innovation.ised-isde.canada.ca\/s\/list-liste?language=en_CA&amp;token=a0B0b00000Pt93rEAB\&quot;">Tax credits<\/a>&nbsp;are one way of doing this. They\u2019re often given in return for operating in a way the Ontario government recognizes as advantageous to a community or the general economy. You can qualify for tax credits for hiring students, producing Canadian films, or even for your research and development (R&amp;D).&nbsp;&nbsp;<\/li><li><strong>Wage subsidies <\/strong>\u2014 It\u2019s possible to get&nbsp;<a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;https:\/\/innovation.ised-isde.canada.ca\/s\/list-liste?language=en_CA&amp;token=a0B0b00000Pt94aEAB\&quot;">wage subsidies<\/a>&nbsp;for everything from hiring internationally educated IT professionals, hiring Ontario tech grads, Indigenous youth or interns. The aim is to incentivize your business diversify its hiring practices. This is a helpful way to keep your labour costs down.&nbsp; &nbsp;<\/li><li><strong>Funding for superclusters<\/strong> \u2014 A supercluster is a group of businesses in similar or different industries of a particular region that combined can have a more broad impact on the overall ecosystem.&nbsp;<a rel=\"noreferrer noopener\" target=\"_blank\" href="\&quot;http:\/\/www.ic.gc.ca\/eic\/site\/093.nsf\/eng\/00016.html\&quot;">The funding of this grant&nbsp;<\/a>is made to the not-for-profit group that has the vision to bring these businesses together. If you\u2019re able to show how combining these businesses can create more opportunities both regionally and globally, then you have a chance of being awarded this grant. This is a new grant for Ontario that only started in 2017. It\u2019s time-boxed with a two-step application process, the second of which is selected from the initial application.&nbsp;&nbsp;<\/li><\/ul>\r\n \r\n \r\n<h2>Other ways to finance your business&nbsp;<\/h2>\r\n \r\n \r\n<p>Grants are one way to access funds, but not the only way. Loans are less dependent on your business fitting certain criteria and more dependent on the viability of your business. <\/p> \r\n<p>The terms are more general with the one glaring difference being that loans must be repaid on a predetermined schedule.&nbsp;<\/p> \r\n<h3>Is your business ready for a loan\/financing&nbsp;<\/h3>\r\n \r\n \r\n<p>Before getting into the different business loans in Ontario, you need to assess whether your business is ready for financing. <\/p> \r\n<p>Not every business should take on financing, and there are ways to measure if you\u2019re ready.&nbsp;<\/p> \r\n<ul><li><strong>Have you proven your product\/service works?<\/strong> \u2014 This sounds so obvious, but it\u2019s not. To know if your product works, it means you\u2019ve tested it in the environment it will exist. This doesn\u2019t mean your business has to be fully operational. Having a prototype that you\u2019ve tested thoroughly still counts. But it doesn\u2019t make sense to even approach a lender without having proven the viability of your product or service.&nbsp;<\/li><li><strong>You have a plan to monetization<\/strong> \u2014 Loans aren\u2019t free. The lender is assuming you have a plan that includes monetizing your business. If you don\u2019t have a clear path to becoming profitable, then your business is not ready to take on any type of financing.&nbsp;<\/li><li><strong>You have a team ready to execute<\/strong> \u2014 This step is so overlooked. Assembling a qualified team before applying for any type of loan only enhances your chances of securing those funds. Take the necessary time to hire qualified, innovative thinkers that strengthen your weaknesses.&nbsp;<\/li><\/ul>\r\n \r\n \r\n<p>These aren\u2019t just guidelines to follow before seeking a loan, they are also good practice for your business. Once you\u2019ve thought these points through, then it\u2019s time to look for small business loans. Here are a couple worth considering:&nbsp;<\/p> \r\n<h3>Small business loans from BDC&nbsp;<\/h3>\r\n \r\n \r\n<p>With a small business loan from BDC, you can secure up to $100,000. Funding requirements aren\u2019t specific.&nbsp;<a target=\"_blank\" href="\&quot;https:\/\/www.bdc.ca\/en\/financing\/business-loans\/pages\/small-business-loan.aspx\&quot;" rel=\"noreferrer noopener\">According to BDC<\/a>, you can use these funds to buy equipment, attend tradeshows, apply for a patent or trademark, plus other general business expenses. It only takes 48 hours to get approved and as long as you\u2019re a Canadian company generating revenue for at least 24 months with good credit history, you\u2019re eligible to apply.&nbsp;<\/p> \r\n<h3>Canada small business financing program&nbsp;<\/h3>\r\n \r\n \r\n<p>As business loans go, this program is a bit more rigid. The eligibility is straight forward. As long as your a&nbsp;<a target=\"_blank\" href="\&quot;http:\/\/www.ic.gc.ca\/eic\/site\/csbfp-pfpec.nsf\/eng\/Home\&quot;" rel=\"noreferrer noopener\">Canadian business<\/a>&nbsp;generating less than $10 million in annual revenue, then you can apply. But there are restrictions on what the funds can be used for.&nbsp;<\/p> \r\n<p>Funds accessed through this loan can be used for the following:&nbsp;<\/p> \r\n<ul><li>Equipment&nbsp;<\/li><li>Business vehicles&nbsp;<\/li><li>Renovations&nbsp;<\/li><li>Commercial property&nbsp;<\/li><\/ul>\r\n \r\n \r\n<p>Funds received through this loan can NOT be used for the following:&nbsp;<\/p> \r\n<ul><li>Working capital&nbsp;<\/li><li>Inventory&nbsp;<\/li><li>Labour&nbsp;<\/li><li>Advertising<\/li><\/ul>\r\n \r\n \r\n<p>As you can see, there are lots of opportunities for your business to access funds either through a grant or loan. Consider what your current business needs are first before searching for funding. If you have to create a reason to apply for a business loan, it\u2019s probably not the right time.&nbsp;<\/p> \r\n ","protected":false},"excerpt":{"rendered":"<p>Whether you\u2019re planning to grow your business, hire or train new employees, or even conduct essential research, Ontario has grants to accommodate your 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