Top Small Business Grants, Loans, and Wage Subsidies in BC

Canada’s westernmost province, British Columbia (BC), is known for its diverse geography and thriving economy. Small, medium, and large businesses across multiple sectors play a crucial role in the economy, ultimately contributing to job creation and innovation.

To help push for growth, entrepreneurs and business owners in the province have access to a range of funding opportunities, including grants, loans, and wage subsidies. Here are some of the top funding options available in BC:

NRC – Industrial Research Assistance Program (IRAP)

The Industrial Research Assistance Program helps small or medium-sized businesses to pursue technological innovation by providing funding to support research and development projects at various stages of the innovation cycle.

Amount: Successful applications may get up to 75% of eligible costs to a maximum of $10 million.

Who can apply?

• Incorporated, for-profit, small or medium-sized businesses in Canada
• Have 500 or less full-time equivalent employees
• Plans to pursue growth and profit by developing and commercializing innovative, technology-driven new or improved products, services or processes in Canada

Northern Industries Innovation Fund

‍The Northern Industries Innovation Fund is ideal for small and medium-sized businesses looking for support in research and development, new or improved products and services, and testing of innovative equipment or technologies. Businesses in the following industries are eligible to apply:

• Agriculture
• Aquaculture
• Energy
• Forestry
• High tech
• Industrial supply chain
• Manufacturing
• Mining
• Oil and gas
• Transportation

‍Amount: Non-repayable funding of up to 50%, capped at $50,000 per project. Applicants must contribute a minimum of 10% of the project budget.

‍Who can apply?

• Incorporated, privately-owned businesses with fewer than 500 employees and revenues under $100 million.
• Registered non-profit organizations involved in industrial activities.
• Post-secondary institutions collaborating with private sector partners or conducting applied research projects with private sector implications.
• Community contribution companies.

B.C. Employer Training Grant

‍In an effort to further build a robust economy, The Province of British Columbia has launched the B.C. Employer Training Grant Program to increase support for employers investing in workforce development. This program aims to equip British Columbians with the skills needed to adapt to the evolving job market while promoting active employer participation in workforce training.

‍Amount: Employers can receive 80% of the cost of training up to $10,000 per employee, with a maximum annual support of $300,000 per employer.

‍Who can apply?

• Employers and self-employed individuals operating in B.C.
• Applicants must have a Business BCeID to access funding.
• Employers must have been fully operational for at least one year at the time of application.
• Employers must be in good standing with the Province.

Student Work Placement Program

‍The Student Work Placement Program provides wage subsidies to employers across Canada looking to hire post-secondary STEM (science, technology, engineering, or math) interns.

‍Amount: Employers could get up to $5,000 for every student hired through the program or $7,000 for every student hired that is in their first year or is from an under-represented group.

‍Who is eligible?

‍The program is accessible through Employer Delivery Partners that represent multiple industries. To determine your eligibility, visit the program website here.

‍Canada Small Business Financing Program

‍For businesses looking to get more funding, the Canadian Small Business Financing Program (CSBFP) makes it easier for small businesses to get loans they need to grow and expand. By sharing the risk with lenders, the program makes it easier for businesses to secure loans for critical investments like property, equipment, working capital, and more. Amount:

• Maximum term loan of $1 million for the purchase and improvement of real property.
• Of the $1 million, up to $500,000 is available for equipment and leasehold improvements, which includes a maximum of $150,000 for intangible assets and working capital expenses.
• Maximum $150,000 line of credit for working capital expenses.

‍Who is eligible?

‍Start-ups or small businesses with gross annual revenues under $10 million.

‍Need more BC small business grants?

‍Looking for more tailored recommendations? GrantFundPro is designed to match users with relevant funding opportunities based on their business profile. Never miss out on funding opportunities by utilizing our advanced AI-powered search tools so you can quickly find grants, loans, tax credits, and wage subsidies that align with your specific needs. Learn more.