Top Small Business Grants in Ontario

Ontario is known for its highly diversified economy, accounting for nearly 40% of Canada’s GDP. By heavily promoting innovation, Ontario has allowed small businesses to grow and adapt in this competitive environment.

One of the ways Ontario ensures that innovation thrives among small businesses is through government support in the form of grants.

Small business grants are available no matter what sector – whether you are in manufacturing, information and communications technologies (ICT), agri-food, or another sector, there are existing grants tailored for your needs.

In this article, we’ll explore some of the top small business grants in Ontario.

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

Starter Company Plus

‍Funded by the Government of Ontario, the Starter Company Plus Grant provides support to eligible entrepreneurs looking to start or expand their small business. Aside from the monetary grant, the program includes advisory and mentoring services, workshops, seminars, and networking events for anyone looking to start a new company, expand an existing company, or purchase a business in Ontario.

‍Amount: Eligible applicants can get a micro-grant of $5,000. To qualify for the grant, applicants must be able to make a contribution in cash or in kind at least 25% of the grant amount.

‍Who can apply?

• 18 years of age and older
• An Ontario resident and Canadian citizen (or permanent resident)
• Not attending school full-time or returning to school

Canada-Ontario Job Grant (COJG)

‍The Canada-Ontario Job Grant offers direct financial assistance to employers looking to invest in their workforce. Through this cost-sharing program, small businesses can have up to 83% of their training expenses covered.

‍Amount:

• Large employers (100 or more employees) are eligible for up to 50% of direct training costs, capped at $10,000.
• Small employers (fewer than 100 employees) are eligible for up to 83% of direct training costs, with a maximum of $10,000.
• Small employers who are training and hiring unemployed individuals may be eligible for 100% funding and up to $15,000 per trainee.

‍Who can apply?

‍All businesses, including not-for-profit organizations, in all industries are eligible to apply. 

• The business must employ the individual selected for training.
• The employer must be licensed to operate in Ontario.
• The training must be delivered in Ontario and relate to a job based in Ontario.
• The employer must comply with the Occupational Health and Safety Act and the Employment Standards Act.
• The employer must have appropriate Workplace Safety and Insurance Board coverage or private workplace safety insurance.
• Adequate third-party general liability insurance is required.
• The employer must adhere to all applicable federal and provincial human rights legislation, regulations, and other relevant standards.

Southwestern & Eastern Ontario Development Fund (SWODF/EODF)

‍For existing businesses in Southwestern and Eastern Ontario, the SWODF and EODF provides funding and complementary services and support for business projects that:

• Expand their operations,
• Enhance productivity,
• Focus on innovation and skills development,
• Explore new markets,
• Generate significant positive regional economic impact, and
• Create sustainable employment opportunities.

‍Amount:

• 15% of project costs are available up to a maximum of $500,000 if the company has fewer than 100 employees and is based in rural Ontario.
• 15% of project costs are available up to a maximum of $1,500,000 for strategic projects that are foreign direct investments or from companies competing against other jurisdictions.

‍Who can apply?

‍Businesses must:

• Have at least 3 years of operations/financial statements,
• Employ at least 10 people (5 people if in rural Ontario),
• Commit to creating at least 5 new jobs (or 30% increase for companies with fewer than 15 employees)
• Invest at least $500,000 in their project (or $200,000 if in rural Ontario)
• Be located in a community in southwestern or eastern Ontario.

Need more Ontario small business grants tailored for you?

‍That’s where GrantFundPro comes in. GrantFundPro is a grant search platform designed to give you relevant funding recommendations based on your business profile. Get tailored grants, loans, wage subsidies, and tax credits depending on your needs without the extensive research. Learn more.