Free funding. It sounds like magic, especially to hardened business types. But thanks to government and other organizations, it’s real. And it could be coming to a business near you. Of course, you’ll have to qualify for the funding first. But there’s plenty of ways that you can get funding to develop your business. Let’s take a look.
Right now there are plenty of funding opportunities for businesses at the forefront of innovation. SRED financing, for instance, allows your company can claim tax back on anything used during the research process. You can claim back on things like machinery, wages, and even some general overheads.
There are also helpful tools out there, like FundMap, which helps businesses find finance for innovative ideas. It partitions funding into different categories. You can find people willing to support academic collaborations all the way up to “blue sky” ideas.
Private individuals are also stumping up money for new and innovative ideas. The James Dyson Foundation, for instance, sometimes offered money for ideas that are game-changing.
Training And Investment
Small businesses are often teetering on a knife-edge between success and failure. So any boost that they can get can be a real bonus. All over the world, there is a recognition that we need more entrepreneurs in our societies to create jobs and wealth. And fortunately, entrepreneurs can access the training they need to be successful.
For instance, in Ontario, the government supports people who want to start their own business. If you’re a young person between 18 and 29, you can get funding for training. Applicants can receive up to $5,000. And in return, they have to attend entrepreneur training full time.
There’s also a program called Summer Company. Here the government doles out startup money to get businesses off the ground. They’ll pay up to $1,500 up front to cover initial costs. And they’ll pay another $1,500 if you successfully complete the program. On top of that, participants get free mentoring from local business experts.
There is also a whole host of programs for people setting up businesses in specific sectors. Take for instance the Agri Marketing – SME component. If your small business is in agriculture, fishing or seafood, you could stand to benefit. Here the government will pay your company up to $250,000 to sell more of your product abroad. Companies have to spend the money on promoting their brand awareness abroad. They have to use it to distribute promotional material. And they have to do things like conduct trade seminars. There are also some requirements on company size. Sales must not exceed $50 million. And the company has to have less than 250 employees.
If your small business is a smart business, there are opportunities for you too. The Centre of Excellence in Next Generation Networks grants money to firms in the tech business. You could get up to $100,000 equivalent in financial and technical support. A business applying for the funding must be in the field of the cloud and data centers, IoT and networks.