Start Up Business Grants

What is a Start Up Business Grant?

A start up business grant is a sum of money awarded to a new business that is in the early stages of development to help with costs of getting started. These grants can be used for a variety of purposes, such as marketing, research and development, support for training costs, expansion project, or hiring new employees.

There are a number of different start up business grants available, each with its own set of eligibility requirements. One of the best ways to find start up business grants is to check with your local government or economic development agency. They often have a list of available grants that you can choose from.

Grants do not compare to business loans. Small businesses or non profit organizations do not have to pay for interests in return. Essentially, grant is free money. There are many resources available to help you start up your own business, so don’t hesitate to take advantage of these grant opportunities. New businesses are essential for job creation and could contribute significantly to economic growth.


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How to Get a Business Grant for a Start Up?

If you wish your business idea to come to fruition, you would want to consider applying for Canadian government grants or other grant programs that support small businesses.

The process for applying for government grants or other grant-funding programs can vary depending on the granting organization and the type of grant you are seeking.

Typically, you will need to complete an application form and provide supporting documentation, such as financial statements and project plans. You will also be required to attend an interview with a representative from the granting organization.

The Canadian government offers several channels that provide government funding to small businesses, including:

1.The Business Development Bank of Canada that offers financing, consulting services and venture capital;

2.The Export Development Canada that helps businesses export their products and services;

3. the Atlantic Canada Opportunities Agency that provides funding for businesses in Atlantic Canada; and

4. the Western Economic Diversification Canada that offers funding for businesses in Western Canada.

There are also private grant providers that offer funding for a wide range of business activities. Some popular grant providers include:

  1. The Canadian Innovation Commercialization Program that provides grants and support services to small and medium-sized businesses that are innovating new products, processes or services;
  2. The National Research Council of Canada that offers research and development grants for businesses; and
  3. the Women’s Enterprise Initiative that provides financing and mentorship to women entrepreneurs.

Are you Eligible for Start up Business Grants in Canada?

To be eligible, businesses must meet certain criteria. For example, the grant may be restricted to businesses that are located in a specific geographic area or that are owned by members of a certain demographic group. Submission of a business model or business plan that will undergo a review process is a requirement.

Canadian small business grants also exist for businesses that have been in operation for a minimum of two years. Financial assistance provided by the Canadian government usually comes in the form of a contribution, not a business loan. The government does not expect repayment of the grant, and there are no interest rates or fees charged.

The Canadian government offers a wide variety of grants for businesses at all stages of development, from start-ups to well-established companies. A list of current business grants offered by the Canadian government can be found on Grants Canada.

At a minimum, businesses must meet specific criteria in order to be eligible applicants for government grants in Canada. In general, businesses must:

  1. Be incorporated or registered as a sole proprietorship;
  2. Be located in Canada;
  3. Have a permanent business address; and
  4. Conduct activities that contribute to the economic development of Canada.

Some grants are also available to Canadian companies who wish to start a business abroad. Canadian entrepreneurs usually have access to more funding opportunities than those in the United States expecting from federal grants.

Where to Look for Grants

Finding the right grant programs or investment can be challenging. When researching grants, it is important to remember that not all businesses are eligible for every grant. Make sure you read the eligibility requirements carefully and contact the granting organization if you have any questions. There are eligible project costs that needs to be considered.

  1. Internet – The best place to start is by doing some research on the internet. A variety of websites offer information about government grants and funding programs available to businesses.
  2. Local Small Business Administration (SBA) – The SBA has a variety of resources available, including information about specific grants and how to apply for them.
  3. Private Organizations – Some organizations offer funding specifically for small businesses. These organizations often have a wide range of grants available, and they can help you find the one that is best suited for your needs.

How We Can Help

With the help of our team of engineers and accountants, Boast helps clients claim their research and development costs from the government with minimal audit risk. Boast’s exclusive software platform allows companies to manage, prepare, and estimate costs throughout the year to get higher claims much faster and with high accuracy.

Access Your SR&ED Refund Up To 12 Months Early So You Can:

  • Re-invest in your business
  • Grow faster
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  • Extend your cash runway

Companies that leverage QuickFund grow much faster than their counterparts

Since company B was able to leverage SR&ED Financing to get quarterly advanced funding, they were able to increase their growth rate one year ahead for Company A.


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Frequently Asked Questions

Businesses can qualify for an R&D tax credit if they meet certain qualifications. These qualifications vary depending on the type of tax credit that is being claimed. Generally, businesses must spend money on qualified R&D activities in order to claim the tax credit. To qualify for the credit, businesses must have incurred costs related to qualified research activities. These activities can include:
  • Developing new or improved products, processes, or services
  • Testing prototypes or models
  • Developing software
  • Engineering
  • Commercializing new technologies
A business may be eligible for the credit. However, it's important to note that not all businesses will qualify. For example, businesses that are engaged in purely creative activities with no element of experimentation will not qualify.
The amount that you can claim with the R&D tax credit depends on your business' income and how much it spends on R&D activities. Generally, businesses can claim a tax credit of up to 20% of the amount they spend on R&D.
The most common type is the credit for increasing research activities, which is available to companies that increase their R&D spending by at least 20% compared to the previous year. Other types of credits include the credit for new products or processes, the credit for jobs created through R&D, and the credit for small businesses.
The amount of savings you can achieve with the R&D Tax Credit depends on your company's eligible research expenses for the year in question. In general, businesses can claim a tax credit worth up to 20% of their research expenses. However, there are certain caps and limitations that apply, so be sure to speak with a tax professional to find out exactly how much you could save.
Eligible expenses include wages paid to employees engaged in research and experimentation activities, as well as costs for supplies, contract research, and testing.
"R&D helps us accelerate our innovation. When you’re an early-stage company building in a new market, speed is critical. We’re very grateful for the R&D incentive program and the dedicated support and guidance from Boast."

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